The cryptocurrency market faced a wave of selling pressure on Thursday, pushing total market capitalization down by nearly 4%. While many investors focused on falling prices, large holders appeared to take advantage of the dip by aggressively accumulating HYPE tokens.
On-chain data revealed tens of millions of dollars worth of HYPE being withdrawn from exchanges and moved into private wallets and staking protocols, a trend often interpreted as a sign of long-term confidence in an asset.
Tens of Millions of Dollars Leave Exchanges
Blockchain analytics platforms detected several major transactions involving HYPE. According to data from Onchain Lens, a newly created wallet identified as 0x193 withdrew approximately 180,000 HYPE from Coinbase, valued at around $13.4 million.
Even larger activity was observed on Kraken. Three interconnected wallets removed a combined 557,406 HYPE tokens worth more than $41.5 million. Further analysis suggests that all three addresses may be controlled by the same entity, which subsequently staked the tokens.
Such movements are closely watched because they reduce the amount of supply immediately available for sale on exchanges.
Largest Holders Continue Increasing Their Positions
Data from analytics firm Nansen indicates that the accumulation trend extends beyond just a few whales. The top 100 wallets holding HYPE increased their positions by 1.36% over the past 24 hours.
Even more notable activity came from wallets categorized as Smart Money. According to the data, these investors expanded their exposure to HYPE by more than 12% within a single day.
This suggests that sophisticated investors may be viewing the current weakness as an opportunity to build larger positions.
Price Remains Near a Key Support Zone
Despite growing whale activity, HYPE has not been immune to broader market weakness. The token declined roughly 3% over the past 24 hours and traded near the $64 level.
Technical data from TradingView shows that HYPE has been consolidating within a range between $68.08 and $75.76 in recent sessions. The current price sits near the lower boundary of that range, an area that many traders consider a critical support zone.
Another encouraging signal comes from the Average Directional Index (ADX), which remains elevated at 42.82. Such a reading typically indicates that the broader trend remains strong. In addition, HYPE continues to trade above its 200-day Exponential Moving Average (EMA), a level many bullish investors view as a sign of underlying strength.
Futures Traders Remain More Cautious
While spot investors and whales continue accumulating, sentiment in the derivatives market paints a more cautious picture.
According to CoinGlass data, the long-to-short ratio has fallen to 0.9877, suggesting a slightly bearish bias among futures traders.
The liquidation heatmap also highlights significant positioning around two important price levels. Approximately $5.34 million in long positions are concentrated near $68.03, while nearly $13 million in short positions are clustered around $71.63.
What’s Next for HYPE?
Analysts believe the token’s next major move will depend on how price reacts around current technical levels.
A daily close below $68.08 could invalidate the current support structure and potentially open the door for a decline toward the $55 region.
On the other hand, a breakout and daily close above $76 could confirm a renewed bullish trend and pave the way for a move toward fresh all-time highs.
Although short-term sentiment remains mixed, whale activity suggests that some major investors are still betting on the long-term growth potential of HYPE.
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