Over the past month, $HYPE has seen substantial selling pressure on the spot market, with a cumulative offload hitting $119.798 million. The liquidation pattern reveals several major players rotating positions: one significant wallet from the mixing protocol sphere dumped $65.5 million, while three other major holders including institutional investors collectively unloaded another $39.3 million. This coordinated unwinding across multiple large holders signals shifting market sentiment and warrants close monitoring of support levels ahead.