On-chain analyst Ember said the tokens were suspected to have been sold through market maker Flowdesk, with transfers touching Flowdesk-linked exchange deposit addresses.
Hyperliquid Labs transferred 452,000 HYPE worth $32.32 million early today, Odaily reported, citing on-chain analyst Ember. Ember said the tokens were suspected to have been sold through market maker Flowdesk, with part of the transfer sent to Flowdesk’s on-chain wallet and the rest routed to Flowdesk-linked deposit addresses at OKX, Bybit, and Gate. Large token movements to market makers and exchange-linked wallets are often watched by traders for clues about potential selling activity and near-term supply pressure.