Although it is hyperfluid (EXCITE) is 15% below the $76,000 high recorded a week ago, but the market is still showing strong bullish pressure. In fact, the altcoin successfully held $60 and returned to its local high of $67 before pulling back slightly.
At press time, Hyperliquid was trading around $65, up 4.58% on the daily charts. At the same time, volume increased 88%, reflecting increased market activity.
A whale dumped $5.18 million worth of HYPE
Afterwards EXCITE As it rebounded from its recent decline to $60, some whales turned to take profits.
Accordingly lookonchainA whale affiliated with a16z deposited 77,402 HYPEs worth $5.18 million on OKX and Bybit. After aggressively accumulating HYPE before, the whale now appears to be diversifying into other assets.
Shortly after the sell-off, Lookonchain reported that the whale purchased $782,000 worth of ETH, indicating that preference has shifted towards Ethereum, which continues to trade well below its peak price.
Market demand remains stable
Although some whales are cashing out, the overall market remains optimistic. As a result, investors continued to accumulate HYPE.
Looking at Clearing Activities, it seems that buyers still dominate the market. For example, last week Spot Netflow remained negative, falling 155% to -$32.8 million.
Netflow remaining negative for a long period of time indicates that investors are mostly bullish and continue to accumulate. More often than not, higher buying pressure strengthens the market and leads to more gains on price charts.
It is important to note that retail traders largely drive accumulation. Looking at Spot Retail Activities, it appears that retailers continue to become increasingly active.
Last week, the Spot Market saw ‘Too Much Retail’ orders for five days and only ‘Too Few’ orders were recorded in the last two days.
What’s next for HYPE?
Retail investors continue to ride the hyperliquid momentum, which is slightly bullish overall.
Upside momentum is currently favorable, with ADX rising along with +DI. This indicates that the indicator is pointing towards continued upward movement. If the momentum continues, Hyperliquid could retest the $70 level.
However, if reduced retail participation indicates weak activity, the $70 resistance may remain difficult to break, potentially leading the altcoin to drop to $60.
Final Summary
- One whale deposited 77,402 HYPE worth $5.18 million into OKX and Bybit.
- The structure of the hyperliquid market remains bullish, with retail traders holding the market and looking for a move above $70.
