Whales Pour $3.5M into HYPE as Hyperliquid Price Defies Market Drop

Key Insights:

• Three whales bought $3.5M in HYPE through spot trades, with one wallet now holding over $6.8M worth.
• HYPE surged above $37.80 after a 6.9% gain, with 24-hour trading volume jumping by over 100%.
• Hyperliquid topped May profits at $72.3M, beating TRON and Ethereum in L1 protocol earnings.

Whales were aggressively accumulating over $3.5 million of spot trades on Hyperliquid’s native token HYPE, which recorded a sharp upward move.

The token was lifted to near four-month high as the activity was driven by large wallets with concentrated HYPE positions.

Despite a cautious broader market sentiment, Hyperliquid bucked the trend, with rising volume, growing profits and renewed NFT activity.

The token continues to gain liquidity and momentum, backed by a spike in perpetual trading and speculation of a major listing.

On-Chain Accumulation Sends HYPE Soaring

Fresh momentum for HYPE was triggered by three separate wallets that took large spot positions on-chain.

The first wallet, “0xd83,” used $2.5 million in USDC to buy over 70,600 HYPE tokens at $35.40 each.

The second wallet, “0x9E8” also bought $1 million worth of HYPE, bringing its total holdings to 196,344 HYPE worth $6.87 million.

The third wallet, “0xab6,” put a limit order to buy 57,372 HYPE at $24.95, ready to buy lower if the price drops.

All the transactions were done through spot trades and there were no open positions on derivatives platforms related to the wallets. The behaviour of the buyers shows high conviction, and they seem to be focused on long-term holdings rather than short-term leverage.

The further concentration of capital into HYPE only serves to validate the perceived upside among early high-balance investors.

Hyperliquid Price and Volume Surge as Sentiment Shifts

HYPE reacted to the news, gaining 6.92% on the day and trading near $37.85 in the evening hours. This was a breakout confirmed by the rising trading volume, following a period of consolidation around $35.

According to CoinMarketCap, daily volume reached $245.19 million, more than double the previous 24-hour period. This was in synch with the renewed interest in high value NFTs, as per Santiment data tracking $100K+ NFT buys.

Such spikes historically coincide with the returning whale risk appetite, often leading the momentum in tokens like HYPE. The token continues to outperform in cautious broader market conditions, and this pattern added to the bullish outlook.

The role of HYPE as a high performing DEX added to the confidence in its native token. In May, the protocol also reached $248 billion in monthly volume, taking more than 10% of Binance’s flow.

HYPE also had a market cap of $12.63 billion and was the number one blockchain by gross profit for May 2025.

Technicals Support Continued Rally Potential

The 4-hour chart also shows a well-formed ascending channel, which confirms the current market strength as per the technical setup of the coin.

Key resistance at $36 has been broken, and price action is now aiming for a flip of $39 into support. RSI is at 65.91 and the MACD bullish crossover indicates strong continuation signals.

The Ichimoku Cloud analysis is in line with this trend, as the price breaks both the baseline and the conversion lines. Steady accumulation is also shown by the volume profile, with order book depth staying firm above $35.

Now bulls are looking at $44 as the next resistance target in this rising wedge pattern.

With app revenue and stablecoin inflows in hyperdrive, Hyperliquid’s total value locked (TVL) is over $1.59 billion. Fundamentals have lined up with technicals, and this is the perfect setup for price to continue to grow.

Meanwhile, social media buzz and Binance speculation are keeping HYPE firmly on the radar.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.