Hyperliquid’s HYPE token has attracted significant whale interest even as broader crypto markets weakened, with major holders accumulating over $54 million worth of tokens during a recent price downturn. This large-scale buying occurred as the price hovered near the $68 support level, signaling confidence from institutional players despite signs of market fatigue.

Data reveals that a newly created wallet withdrew 180,000 HYPE tokens valued at $13.4 million from Coinbase, while three other wallets—likely controlled by the same entity—moved 557,406 HYPE tokens worth $41.53 million from Kraken into staking. Such moves suggest that sizable investors view the recent pullback as an opportunity to increase holdings rather than exit positions.

This accumulation extends beyond isolated transactions. According to analytics from Nansen, the top 100 HYPE addresses increased their combined holdings by 1.36% within 24 hours. Furthermore, Smart Money wallets—those identified as sophisticated or institutional investors—boosted their stake by over 12% in the same timeframe. These trends help explain why HYPE has preserved an upward trajectory while several large-cap cryptocurrencies have struggled.

At the time of reporting, HYPE traded around $69.30 after a 2.9% one-day loss. Trading volume declined by 14% to $1.44 billion, pointing to muted overall activity despite ongoing accumulation by major holders.

Technical indicators show the token consolidating between $68.08 and $75.76, nearing its all-time high. A daily close below $68.08 could result in a breakdown from this range, potentially pulling the price toward $55, a drop of nearly 20%. Conversely, surpassing $76 on a daily close would dissolve bearish setups and open pathways for further gains. The Average Directional Index (ADX) remains elevated at 42.82, and prices continue trading above the 200-day Exponential Moving Average (EMA), indicating a stable medium-term trend.

The derivatives market offers a contrasting view. Data from CoinGlass points to a slightly bearish sentiment among traders, with a Long/Short ratio of 0.9877, suggesting a modest preference for short positions. Critical liquidation levels stand at $68.03 for longs and $71.63 for shorts. Open interest highlights approximately $5.34 million in long positions near $68.03, while shorts amassed $12.95 million around $71.63, underlining greater conviction on the bearish side within derivatives despite on-chain accumulation.