Large holders increased their exposure to HYPE as the token traded near the key $60 support zone.
According to Lookonchaina newly created wallet withdrew 278,827 HYPE worth approximately $17.45 million from Coinbase Prime.
Shortly after, wallet 0x2386 returned after a month-long hiatus and removed an additional 96,930 HYPE worth approximately $6.01 million from BitGo.
Collectively, the transactions represented over 375,000 HYPE and over $23 million in withdrawals.
Rather than moving the tokens to exchanges, both wallets moved the assets to a private repository.
This behavior reduced the immediately available supply and highlighted a growing conviction among major market players.
The timing also drew attention as the accumulation occurred while Hyperliquid (HYPE) was trading directly above one of its most important technical support zones.
HYPE Retail Activity Remains Subdued Despite Whale Demand
Retail participation remained subdued, even as whale activity picked up.
Retail activity through Trading frequency The metric continues to report “Few Retailers,” indicating that small traders have not entered the market aggressively despite significant withdrawals.
This divergence suggests that larger investors have driven the recent positioning around HYPE.
Unlike rallies fueled by widespread speculative demand, the current structure reflects the accumulation of a relatively small group of market participants.
Furthermore, the lack of retailer involvement indicated that market conditions had not reached euphoric levels.
While weak retail activity alone does not guarantee higher prices, it does show that broader market participation remains limited.
As a result, whale trading has remained the dominant factor shaping sentiment around HYPE over the past few trading sessions.
Cup-and-handle structure held above a major support confluence
At the time of writing, HYPE was trading above a critical technical zone after retreating from the recent high near $76.
The daily chart shows a developing cup and handle formation, with the handle taking shape during the latest correction.
Price also approached a confluence support zone around $60, where the cup-and-handle neckline intersected an ascending trendline that had supported the uptrend since mid-May.
Meanwhile, the RSI fell to 48.7 and fell below the neutral level of 50 and its moving average near 55.2.
This change reflects the cooling of buying strength during the retracement. Despite this, the broader structure remained intact as HYPE continued to hold above the support confluence.
If buyers maintain control of the $60 region, HYPE could challenge immediate resistance at $66.88.
A move above this barrier could expose the next major resistance near $73.64, while a break below support would weaken the current bullish structure.
Dense liquidity zones remained positioned above
THE Binance Liquidation Heatmap showed a dense concentration of liquidation liquidity directly above the current HYPE price.
The first notable group appeared between around $63.5 and $64.5, placing a large pool of liquidity just above the market.
Beyond this area, more concentration has emerged around the $66 region, which closely aligns with the resistance level at $66.88 on the daily chart.
These pockets of overhead liquidity suggested that prices could gravitate toward them if buyers continued to defend their support.
Since a large number of leveraged short positions remain concentrated in these areas, an upward move could trigger liquidations and accelerate volatility.
The imbalance between overhead liquidity and nearby bearish liquidity also favored a possible shift towards these clusters.
Therefore, the heatmap continued to highlight the $64 and $66 regions as key levels to watch.
Final summary
- Whales accumulated heavily while HYPE continued to hold a critical support confluence.
- The dense liquidity above the price allowed focus on potential moves towards resistance.
