Although Hyperliquid [HYPE] sits 15% below its $76k high recorded a week ago, the market still exhibits strong bullish pressure. In fact, the altcoin successfully held $60 and bounced back to a local high of $67 before slightly retracing.
At press time, Hyperliquid traded around $65, up 4.58% on the daily charts. At the same time, the volume climbed 88%, reflecting heightened market activity.
A whale offloads $5.18M in HYPE
After HYPE rebounded from its recent slip to $60, some whales have 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 previously accumulating HYPE aggressively, the whale now appears to be rotating into other assets.
Shortly after selling, 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 steady
Although some whales are cashing out, the broader market remains optimistic. As a result, investors have continued to accumulate HYPE.
Looking at the Exchange Activity, buyers still dominate the market. Over the past week, for example, Spot Netflow has remained negative, dropping 155% to -$32.8 million.
With Netflow holding negative for a sustained period, it suggests that investors are mostly bullish and continue to accumulate. Often, higher buying pressure strengthens the market, leading to more gains on the price charts.
It’s important to note that retail traders largely drive the accumulation. A look at Spot Retail Activity shows that retailers have remained increasingly active.
Over the past week, the Spot Market saw ‘Too Many Retail’ orders for five days and only recorded ‘Few Retail’ orders on the last two days.
What’s next for HYPE?
Retail investors continue to drive hyperliquid momentum, which is slightly bullish overall.
With the ADX rising alongside the +DI, upside momentum currently holds the advantage. This suggests the indicator points toward continued upward movement. If momentum persists, Hyperliquid could retest the $70 level.
However, if reduced retail participation signals weaker activity, the $70 resistance may remain difficult to break, potentially leading the altcoin to drop back toward $60.
Final Summary
- A whale deposited 77,402 HYPE, worth $5.18 million, into OKX and Bybit.
- Hyperliquid market structure remains bullish, with retailer traders holding the market, seeking a move above $70.
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