Dragonfly Capital transferred 30,000 HYPE tokens, valued at approximately $2.33 million, to institutional trading platform FalconX on October 23, according to on-chain monitoring data. The transfer is widely interpreted as preparation for an over-the-counter (OTC) sale. This marks the second significant HYPE movement by the crypto investment firm in recent weeks. A month prior, Dragonfly Capital moved 41,400 HYPE, worth roughly $3.21 million, to FalconX. The firm currently retains a remaining position of 296,100 HYPE, valued at approximately $22.96 million.