HyperLabs deposits $32.3M in HYPE to Flowdesk

AmberCN reported that HyperLabs deposited 452,000 HYPE, worth $32.3 million, to an address associated with market maker Flowdesk. A portion of these funds was subsequently sent to OKX, Bybit, and Gate.io. In response, analytics firm Hubzy, formerly Spot On Chain, noted that selling through a market maker is a clear sign of supply pressure. The firm added that Flowdesk's deposits to exchanges suggest the sell-off may still be in progress and advised monitoring the HyperLabs wallet for further withdrawals, as any additional token movements could create more direct selling pressure.