HYPE, the native token of a decentralized exchange, has risen more than 100% this year but has retreated to roughly $90 after reaching an all-time high near $100 earlier this month. Large-holder transfers have drawn attention: wallet 0xc745 deposited a reported 266,568 HYPE worth about $24.29 million across several exchanges, while a wallet linked to Hypersphere Ventures sold 62,869 HYPE worth roughly $5.78 million for an estimated $2.13 million profit. Other sizable transfers include a nearly $50 million HYPE deposit to Kraken earlier this month and Multicoin's transfer of 4.23 million HYPE, valued at almost $300 million, to Coinbase since the end of July. Exchange deposits can precede sales but do not confirm that tokens were sold. Conversely, recent HYPE exchange net outflows exceeded inflows, indicating that investors moved tokens off centralized platforms, which reduces tokens immediately available for sale.