Crypto prime brokerage FalconX transferred about 1.42 million HYPE, valued at roughly $104 million, to Gate, Bybit, OKX, Coinbase and KuCoin over the past day, extending a pattern of large exchange inflows as OTC buyers keep reducing HYPE holdings. Gate received the largest share at about 481,000 tokens worth $34.14 million, followed by OKX with roughly 326,000 tokens ($24.17 million), Bybit with 325,000 ($24.15 million), Coinbase with about 250,000 ($18.58 million) and KuCoin with 25,000 ($1.8 million). The multi-venue move follows an earlier FalconX deposit of 198,750 HYPE worth about $14 million to Gate and other institutional flows, including Multicoin Capital’s reported transfer of 172,710 HYPE to Coinbase Prime. HYPE, the native token of Hyperliquid, remains less liquid than major assets, so concentrated institutional supply can weigh more heavily on price, especially with elevated derivatives positioning and an upcoming Core Contributors supply release in focus.