Hype Whales Buy 423,649 Tokens Worth $14.51 Million: A New ATH?

Key Highlights

• Hype whales purchase 423,649 tokens worth $14.51 million

• Despite whales accumulation, bears dominate the market

Hype whales Accumulate $14 million worth of tokens

With Crypto down today following the macroeconomic shock, whales have taken the opportunity to buy Hype.

According to On-chain tracker, Lookonchain, two major whales are aggressively buying Hype.

These wallets  0x24aB and 0xFa0F have collectively purchased 292,934 $HYPE tokens today, worth approximately $10.09 million. Such accumulation from large wallets reflects a high conviction with these players turning bullish.

As per Lookonchain, one whale has shown higher conviction turning to a more aggressive buyer, spending $8.09M USDC over the past eight hours to accumulate 235,553 $HYPE at an average price of $34.35. 

The second wallet spent $2M USDC in a single hour to scoop up 57,381 $HYPE at $34.85.

The third whale as reported by On-chain Lens deposited $4.33 Million USDC into HyperLiquid and bought 130,715 HYPE for $4.42 Million at a price of $1.80. When whales turn to such high accumulation, it signals significant confidence in the market as they anticipate prices to rise even further.

Read also: Pepe whales are buying the dip

Often, a higher accumulation from large wallets causes massive demand thus resulting in an upward pressure on prices. The rising pressure on prices to the upside leads to higher prices.

Bar chart illustrating the Hype long-short ratio as of 24 May 2025, showing fluctuating market sentiment with alternating red and green bars indicating varying levels of short and long positions.

Although whales are bullish other market players are not. When we look at activities in the derivatives market, most investors are bearish. Thus short positions are outpacing longs with over 50% of futures contracts held by short positions. Such a setup in the futures market signals players expect prices to drop.

Such a scenario can also be emphasized by the fact that Hype's open interest is down by 1.2%. At the same time, the crypto's volume has declined by 35%. A drop in volume accompanied by low open interest suggests a dropping demand for the asset in the market. Reduced demand means few participants are showing interest.

A decline in open interest and shorts positions dominating the market reflects strong bearish sentiments. If these bearish sentiments continue to hold the market, HYPE will drop and find support around $28. However, if whale accumulation pays off with a positive impact on the market, Hype will make another all-time high by reaching $40.