A Hyperliquid trader unstaked 20,000 HYPE, valued at about $1.15 million, and sent the tokens to Kraken, a move Onchain Lens said likely signals an intended sale. The same address also unstaked and deposited 24,950 HYPE to Kraken last week. Since December 2025, the trader has lost roughly $406,000 across $93 million in spot trading, underscoring how on-chain transfers to exchanges are often watched as potential indicators of selling pressure.