According to on-chain data monitoring, two wallets suspected to be related to Hermeneutic have sold approximately $15 million worth of HYPE tokens in the past three days. The data shows that these two wallets currently still hold about 660,000 HYPE, valued at approximately $56 million, and are continuing to reduce their holdings at a slower pace.

Market participants believe that the continued selling by large holding addresses may put pressure on HYPE’s short-term price, but due to the remaining position size still being relatively large, subsequent capital movements are still worth monitoring.