Hyperliquid, a decentralized derivatives exchange, has transferred $90 million worth of HYPE tokens from staking to the spot market, involving 2.6 million tokens. This move comes amid concerns about liquidity availability during market volatility, although the exchange has not provided an official explanation for the transfer. Despite these concerns, Hyperliquid's trading volume has surged by 45% to $1.61 billion, with open interest increasing over 4% to $1.48 billion. Institutional interest in HYPE is also on the rise, highlighted by Robinhood's addition of the token in October and 21Shares' proposal for a new ETF to track its performance.