It has been observed that $HYPE whales' behavior today is quite interesting. When the price fluctuated between $40.7 and $41.46, several whale addresses showed clear divergent actions.

In the morning, when the price reached the high of $41.46, two wallets holding over 80k HYPE each simultaneously reduced their positions, but surprisingly, the reduction was not large, more like testing the market response.
And when the price fell back to around $40.8, an old whale holding over 150k tokens started to slightly increase its position.
It is worth noting that today’s trading volume of 187 million USDT is significantly higher than yesterday, but the price only declined by -0.33%, indicating a typical volume-price divergence that often suggests large funds are quietly changing hands.
From the capital flow perspective, several major HYPE whale addresses did not show obvious net outflows today; instead, some funds continued to accumulate around $41.
Currently, the Fear and Greed Index is at 39, indicating a cautious market sentiment. However, in such an environment, whale operations tend to be more forward-looking.
Especially with the BTC funding rate at -0.0032%, remaining neutral, providing a relatively stable macro environment for altcoins like HYPE.
On-chain tracking data shows that several addresses with millions of dollars in holdings maintained high activity today, but all involved small, multiple transactions, clearly controlling costs and pace.
This kind of operation is usually seen before major trend reversals.