This article was first published on The Bit Journal. Large investors have significantly increased their exposure to Hyperliquid’s HYPE token, signaling growing confidence despite recent marke
This article was first published on The Bit Journal. Large investors have significantly increased their exposure to Hyperliquid’s HYPE token, signaling growing confidence despite recent market weakness. On-chain data reveals HYPE whales transferring millions of dollars in tokens to private wallets as HYPE trades at the near $60 technical support level.
According to Blockchain tracking platform Lookonchain, a new wallet recently withdrew 278,827 HYPE tokens from Coinbase Prime, which has a value of about $17.45 million. BitGo was followed by another wallet, 0x2386, that had been inactive for nearly a month but then moved 96,930 HYPE worth approximately $6.01 million.
Together, the two transactions displaced over 375,000 HYPE tokens from custodial platforms, valued at over $23 million. Interestingly, the assets were not moved to exchanges for possible sale. Instead, both wallets deposited the tokens into private wallets which decreased the supply of tokens available in trading venues. The transactions also underscored the increasing confidence of HYPE whales, even after the recent price swings.
Whales are accumulating $HYPE!
A newly created wallet, 0x987f, withdrew 278,827 $HYPE ($17.45M) from Coinbase Prime 1 hour ago.
Meanwhile, whale 0x2386 withdrew another 96,930 $HYPE($6.01M) from #BitGo after a one-month break.https://t.co/u2NjhOkA5Thttps://t.co/zYh9aDS5Q8pic.twitter.com/H7E8oYQqIw
— Lookonchain (@lookonchain) June 24, 2026
The large holders are still buying up while the retail participation is still relatively low. However, smaller investors have not, according to market data tracking, taken an active role in the marketplace despite the huge purchases by the whales.
This gap between the two indicates that the market is actually more of an institutional or high-net-worth driven market than one fueled by mass speculation. In the past, rallies have been led by retail traders and have typically been accompanied by rising market optimism and volatility. However, the recent activities demonstrate a different trend with a few bigger players, likely the HYPE whales, targeting strategic buying and selling around specific price levels.
Lack of strong retail participation could also mean that the market is not yet an overheated one. This is not a guarantee for future profits, but it indicates that sentiment is still dominated by HYPE whales and not by speculation from the general public.
HYPE recently recovered from a localized high at the $76 level but remains above an important support level at $60. Technical analysts are seeing a developing cup and handle chart pattern, with the most recent correction being the handle of the pattern on the daily time frame.
The support area is also significant as it corresponds with the cup-and-handle neckline, and a rising trendline that has been supporting the token’s uptrend since mid-May.
But momentum indicators are starting to wane. The Relative Strength Index (RSI) recently dipped below the neutral 50 level and its moving average, to the level of 48.7. This indicates that the recent retracement has taken place during a period of less buying pressure.
Even though the slowdown is going on, bulls still have control so long as HYPE stays above the $60 support zone. The successful defense of this level may lead to a move toward the immediate resistance at $66.88, and then a test of the $73.64 area. Some traders think that more HYPE whales will be added and this will be a pivotal reason in sustaining this bull market.
Another signal is provided by the liquidation heat map on Binance, which shows major concentrations of leveraged positions that are above the current market price. A larger liquidity pocket is observed around $66 with the first major pocket lying between $63.5 and $64.5.
These levels are very similar to levels of key resistance and may serve as price magnets. As HYPE maintains a steady stream of buying interest, a shift into these zones could see small liquidations occur, which could fuel a run-up in the upward direction to boost volatility in the sessions to come. As HYPE whales roll up near the support, traders will be watching to see if the token can take advantage of these liquidity pools and continue its recovery.
Whale accumulation is also a major force influencing market sentiment as HYPE remains above its $60 critical support level. Retail participation remains low and large liquidity is concentrated on the upper levels, so traders are closely watching to see if the HYPE whales can take some of the witnesses and push towards higher resistance in upcoming sessions.
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HYPE Whales: Large holders of HYPE tokens.
Coinbase Prime: Institutional crypto trading platform.
BitGo: Digital asset custody provider.
Private Wallet: Wallet controlled by the owner.
Whale Accumulation: Large investors increasing holdings.
Support Level: Price area where buying may emerge.
Cup-and-Handle Pattern: Bullish chart pattern indicating breakout potential.
Liquidity Pocket: Area with concentrated orders.
Short Liquidation: Forced closure of short trades.
Large investors holding significant amounts of HYPE.
It is a key support level for the token.
They suggest accumulation rather than selling.
A breakout above resistance and short liquidations.
ReferencesDisclaimerThe article is purely informational and it is not a financial, investment, or a trading advice. Cryptocurrencies are extremely risky and volatile. Before investing, the readers are to conduct personal research and seek the advice of a qualified financial expert.
Read More:HYPE Whales Withdraw $23M as Hyperliquid Token Holds $60 Support">HYPE Whales Withdraw $23M as Hyperliquid Token Holds $60 Support
