Since rebounding from a slide to $38, Hyperliquid has seen an explosive rise, hitting a new all-time high of $62.
At the time of writing, Hyperliquid was trading at $57, up 23% on the weekly charts, reflecting strong bullish momentum. With the altcoin’s record rally, whale activity has increased on both the selling and buying sides.
Hyperliquid Whale Moves $36M in HYPE
While Hyperliquid (HYPE) shows strong upside potential, some whales have jumped into the Spot market and cashed out.
According to Lookonchain, Loracle.hl deposited 616,675 HYPE, worth $36.76 million, into Hyperliquid and has already sold 563.3,000 HYPE.
So far, the wallet still contains 53.33K HYPE, worth $3.06 million, which the whale is likely to sell as well. When whales sell their holdings during an uptrend, it suggests profit-taking or repositioning.
For Oracle, it appears he sold his HYPE holdings on the spot to fund his short position and avoid liquidation as prices skyrocketed. On this side of the market, the whale still holds 1.8 million HYPE worth $103.7 million, with an unrealized loss of $22 million.
a16z Whale racks up 261,250 HYPE for $15.2 million
Although some whales sold, others continued to accumulate HYPE despite the rise in market value.
Lookonchain reported that a whale linked to a16z continued to accumulate, purchasing an additional 261,250 HYPE worth $15.2 million.
After the recent purchase, the whale increased its total holdings to over 1.3 million HYPE worth $148.5 million. With HYPE trading around $57, the whale currently has an unrealized profit of $33 million.
The whale’s continued accumulation demonstrates strong confidence in the market and anticipates further gains.
Furthermore, exchange activity also echoed this accumulation frenzy. In fact, outflows have outpaced inflows over the past week.
On May 22, for example, spot outflows reached $215 million, while inflows fell to $197.9 million. As a result, Spot Netflow fell 1,609% to -$17.12 million.
Such a massive drop in Netflow suggests that demand for HYPE remains extremely high. Traditionally, larger FX outflows reduce supply, thereby increasing scarcity, a recipe for stronger bullish momentum.
Can HYPE’s bullish momentum continue?
Hyperliquid experienced strong upward momentum in a context of sustained market demand, particularly from whales. Thus, the upward pressure on the market continued to build.
Looking at the ADX and DI momentum indicator, the positive index continued to rise, reaching 45. At the same time, the ADX rose to 26, signaling the strength of the trend.
Likewise, the Stochastic Momentum Index (SMI) rose to 75, further confirming this dynamic. Taken together, these indicators signal the likelihood of a continuation of the trend.
Therefore, if market conditions hold, Hyperliquid will reclaim $60 and aim for another ATH. However, if profit takers step in and increase their spending, HYPE will return to $47.
Final summary
- Hyperliquid whale Loracle sold 563,345 HYPE, worth $33.59 million, to cover a $103.8 million is missing.
- A whale linked to a16z continued to accumulate, adding 261,250 HYPE worth $15.2 million, bringing total holdings to 1.3 million HYPE.
