Although Hyperliquid (HYPE) is 15% below its high of $76,000 recorded a week ago, the market still exhibits strong upward pressure. In fact, the altcoin managed to hold $60 and bounced up to a local high of $67 before easing back slightly.
At press time, Hyperliquid was trading around $65, up 4.58% on the daily charts. At the same time, volume soared 88%, reflecting increased market activity.
Whale dumps $5.18 million in HYPE
After HYPE rebounded from its recent drop to $60, some whales turned to profit-taking.
According to Lookonchain, a whale linked to a16z deposited 77,402 HYPE, worth $5.18 million, into OKX and Bybit. After aggressively accumulating HYPE, the whale now appears to be turning to other assets.
Shortly after the sale, Lookonchain reported that the whale purchased $782,000 worth of ETH, signaling a shift in preference toward Ethereum, which continues to trade well below its peak price.
Market demand remains stable
Even though some whales are profiting, the market as a whole remains optimistic. As a result, investors continued to accumulate HYPE.
When it comes to exchange activity, buyers still dominate the market. Over the past week, for example, Spot Netflow remained negative, falling 155% to -$32.8 million.
With Netflow remaining negative for an extended period, this suggests that investors are mostly optimistic and continuing to accumulate. Often, higher buying pressure strengthens the market, leading to more gains on the price charts.
It is important to note that retail traders are largely driving the accumulation. A review of spot retail activity shows that retailers have remained increasingly active.
Over the past week, the spot market has seen “too many retail orders” for five days and has seen only “few retail orders” over the past two days.
What’s next for HYPE?
Retail investors continue to drive the hyperliquid dynamic, which is slightly bullish overall.
With the ADX increasing alongside the +DI, bullish momentum currently holds the advantage. This suggests that the indicator is pointing towards a continued upward movement. If the momentum persists, Hyperliquid could retest the $70 level.
However, if reduced retail participation signals lower activity, the $70 resistance may remain difficult to break, which could lead the altcoin to fall back towards $60.
Final summary
- A whale deposited 77,402 HYPE, worth $5.18 million, into OKX and Bybit.
- The hyperliquid market structure remains bullish, with retail traders owning the market, looking to move above $70.
