Whale Scoops $7.99M HYPE as Whales Begin Massive Accumulation

Of late, Hyperliquid (HYPE) not only appears making impressive price movements, but garnering attention from whales. Today, Onchain Lens spotted a whale who deposited $2 million USDC into Hyperliquid to buy more HYPE tokens.

Open order to buy more HYPE

This massive deposit comes after the whale deposited another $7.99 million USDC into Hyperliquid five days ago. The whale has an open order designed to accumulate more 100k Hyperliquid tokens in the coming days.

So far, he spent $5.99 million to purchase 376,442 HYPE tokens at $15.9. Due to current price increases, his HYPE tokens currently hold unrealized profit of $266,000.

This whale’s market activity suggests that larger investors are steadily accumulating HYPE tokens, suggesting rising confidence in Hyperliquid’s long-term value. Also, his acquisition shows that big investors see current HYPE prices as a buying opportunity, not a high. This also indicates that whales are accumulating Hyperliquid and transferring tokens to cold wallets – a traditional indicator of long-term holding. While this buying trend often happens before a market rally, it helps decreasing the available supply of HYPE tokens on exchanges, increasing scarcity and possibly fuelling prices higher.

HYPE price updates

Several on-chain indicators point out this recent buying activity and a looming HYPE’s price surge. First, looking at trading chart, the altcoin’s price is currently standing at $16.60, up 9.2% from yesterday. HYPE has been experiencing an impressive uptrend in weekly, biweekly, and monthly timeframes, with its prices up by 20.1%, 48.0%, and 25.8%, respectively. This green figures show that Hyperliquid has recently been experiencing substantial buying pressure, as both small investors and whales are accumulating the token, contributing to noticeable price rises. This shows that long-term buyers continue heightening their accumulations, optimistic for future price growth.

Moving down, the presence of whales has been crucial for the current price upward movement. The supply of Hyperliquid held by large investors has surged in recent days, suggesting that whales are not just holding onto their coins, but also proactively purchasing more. This buying activity is further supported by an increase of transaction volume by 42.32% from yesterday to currently $326.86 million. This shows that huge numbers of large holders are moving HYPE tokens from exchanges into private wallets, suggesting accumulation.

From another related perspective, Open Interest (OI) indicates a robust bullish sentiment for Hyperliquid. HYPE’s IO rose by 8.87% from yesterday, meaning that are derivatives traders are increasingly buying premiums to bet on HYPE, indicating investors’ confidence on the asset and its future price rise. This strong presence of buying pressure suggests that Hyperliquid is set to experience further price jump. Buyers are steadily entering the market at current levels, hoping for future price surge.

In short, the current price uptrend, token outflows, and increased Open Interest shows that HYPE preparing to hold firm at its current price of $16.60 and break the resistance levels of $19 and $20 soon.