Hyperliquid up 51%, Aerodrome down, JUP slides on JLP whale exits

Hyperliquid’s native token HYPE gained about 17% in the first week of June and roughly 51% over the past month, despite an 8% pullback in the last 24 hours. On-chain flows showed fresh wallets added about $24.4 million to HYPE holdings at roughly 3.4 times their normal pace, while about $2.5 million of HYPE left exchange custody. Total value locked in Hyperliquid rose from about $5.52 billion in late May to about $5.88 billion. Whales trimmed roughly $2.7 million of HYPE during the period, including sales attributed to Arthur Hayes.

Aerodrome’s AERO moved in the opposite direction. AERO fell about 6.85% on the day and roughly 22% over the past month. Fresh wallet activity added around $17.3 million to Aerodrome, below the usual pace for large entrants, and top holders trimmed about $222,000. Exchange deposits into Aerodrome accounts accumulated during the week. Aerodrome’s total value locked declined from about $501 million in January to about $312 million currently. Annualized incentive payments are near $165 million while reported revenue is about $52 million.

Jupiter’s governance token JUP dropped about 15% in 24 hours while the protocol’s TVL increased from about $2.34 billion in April to about $2.51 billion without incentive spending. The selling concentrated in JLP, a token representing a share of Jupiter’s perpetuals liquidity pool. JLP holders deposit a basket of assets to provide liquidity for perpetual contracts; they collect most perp fees but absorb the pool’s market risk. Whales exited JLP at about 14.7 times their normal pace, moving portions of an estimated $24.9 million of JLP to exchanges during the period.

JLP supplies liquidity that generates trading fees, and JUP’s value is connected to fee income from that engine. Large-scale JLP withdrawals reduced the pool of liquidity backing the perpetuals market while coinciding with downward pressure on JUP’s market price.

On-chain transaction flows, deposit totals and protocol-level TVL figures provided the basis for the numbers cited. During the first week of June the three projects showed different combinations of deposit activity, exchange flows and TVL trends, which corresponded with divergent token price moves.