A significant Hyperliquid whale, identified as Cooker.hl, has sold 45,786 HYPE tokens for $1.8 million in USDC, according to Onchain Lens. This transaction occurred at an average price of $39.39, with the proceeds deposited into Coinbase. The sale, executed below the $40 mark, reflects investor concerns about further declines, as HYPE has traded below this level for three consecutive days. Despite the whale's exit, HYPE managed to rebound to $40.7, marking a 4.12% daily increase. However, indicators such as the Aroon and Stochastic Momentum Index suggest that bearish momentum persists, with the potential for HYPE to fall back to $38. The market's weakness is attributed to reduced activity in perpetual markets, with Defillama reporting a $1 billion drop in perpetual volume, and CoinGlass noting a 5% decrease in Futures Netflow to -$11 million.