Hyperliquid (HYPE) has ranked among the best-performing tokens over the past month, challenging a broader crypto market that continues to underperform.
On June 16, HYPE posted a new all-time high of $76.95, bringing its year-to-date return to approximately 179.45%. Whales have begun to show renewed interest in HYPE, resuming the buildup after a quieter period.
HYPE whales resume their accumulation
Whales have started accumulating HYPE again over the past day, marking a notable change in behavior.
Two of the most notable purchases came from a whale named Garrett Jin, who acquired 71,092 HYPE worth approximately $5.06 million, and an unidentified whale who purchased 50,000 HYPE worth $3.58 million while at the time holding a balance of approximately 200,000 HYPE worth $14.33 million. dollars.
On-chain Lens data shows that Garrett Jin still has a time-weighted average price (TWAP) order, meaning he is willing to continue buying HYPE in increments over a set period of time.
Whale accumulation tends to strengthen an asset’s outlook, as it often signals that there is still upside potential, with large holders typically chasing these gains. Many investors perceive this activity as a buying signal and re-enter the market to strengthen their positions.
Retail Traders Drive HYPE Rally
Retail traders have been the main force behind HYPE’s recent rally, especially as the token has reached an all-time high. This reading comes from the whales-retail delta, a metric that helps determine which cohort is moving an asset in one direction or another.
A negative reading in red indicates that retail investors are in control. They have been in the lead since June 9, with a delta of -0.095 at the time of writing.
Conversely, whales reduced their exposure to HYPE. The re-entry seen over the past day, if continued with the arrival of more whales, could support the price as this cohort tends to hold longer than retail traders, who are prone to quicker selling.
Spot flow analysis indicates strong sales over the past ten days, during which time retail has taken over and whales have declined. The net flow reached $55.51 million in net sales, indicating that sales exceeded purchases during the period.
There is still upside potential
Liquidation heatmap analysis suggests that HYPE still has potential to capture, depending on the position of the cluster levels.
Cluster levels are price points on the chart, above and below the current price, where unfilled liquidity orders are located, and they tend to act like magnets that pull prices towards them. The bullish cluster currently extends up to $79, meaning unfilled orders remain at this level and the price could trade towards this level as it has historically.
Downside potential still exists, even if the clusters below are less dense. This lower concentration of orders indicates that they can only exert a minimal influence on prices.
Final summary
- HYPE hit a new high while most of the crypto market was struggling, making it one of June’s standout performers.
- After weeks of sharp selling, large investors are buying HYPE again – a move traders often interpret as growing confidence in further upside.
