HYPE has been setting new all-time highs above $70 as the market faces selling pressure and uncertainty that has weighed on most assets across the crypto ecosystem. The divergence between HYPE’s performance and the broader market weakness has been one of the defining stories of recent weeks — and data from Lookonchain has surfaced a specific trade that captures the magnitude of what has been building in this asset over the past six months. Related Reading: Ethereum Flashes A Rare Signal As Open Interest Reaches Highest Level Since 2019 Six months ago, a trader identified as wallet 0x082e opened a 5x leveraged long position on 1.38 million HYPE tokens with a notional value of approximately $99.77 million. The position has remained open through every market fluctuation, every broader crypto selloff, and every moment of uncertainty that has tested conviction across the ecosystem since it was initiated. HYPE Whale activity | Source: Hypurrscan Today, that position is sitting on over $46 million in unrealized profit. The trade is significant beyond its financial scale. A 5x leveraged long held for six months through a period that included significant market volatility, multiple macro headwinds, and sustained selling pressure across the broader altcoin sector describes a level of conviction that goes well beyond routine speculation. The trader did not reduce the position when the market turned difficult. They held — and the HYPE all-time high above $70 is the price expression of what that patience has produced. Down $25 Million and Still Holding The path to $46 million in unrealized profit was not linear — and the Hypurrscan data reveals the full arc of a position that required the kind of conviction most participants cannot sustain when the market tests it at scale. At its worst point, the 0x082e position was down over $25 million in unrealized losses. A 5x leveraged long sitting $25 million underwater is not a theoretical exercise in portfolio management. It is the kind of drawdown that forces the majority of traders — regardless of their original thesis — to reduce exposure, cut losses, or abandon the position entirely before the liquidation engine makes the decision for them. The wallet held. Related Reading: Uniswap Price Slides As Binance Absorbs Millions Of Tokens – Traders Are Watching Through the drawdown, through the uncertainty, through whatever broader market conditions were generating $25 million in paper losses on a single leveraged position, 0x082e maintained the full exposure. The thesis did not change because the price did. The position did not shrink because the losses were uncomfortable. What followed is now documented in the all-time high prints above $70. HYPE’s continued advance did not simply recover the $25 million drawdown — it converted it into a $46 million gain on the other side. The distance between those two numbers is $71 million in position value swing generated by a single decision: to hold when every rational short-term signal was pointing toward the exit. HYPE Momentum Remains Strong As New Highs Continue HYPE continues to be one of the strongest assets in the crypto market, extending its rally to fresh all-time highs above $72 while most major cryptocurrencies remain under pressure. The chart shows a remarkably clean bullish structure that has been developing since the January bottom near $21, with price appreciating more than 240% in less than five months. HYPE continues pushing above ATH | Source: HYPEUSDT chart on TradingView The recent breakout above the previous resistance zone around $60–$65 is particularly important from a technical perspective. After several weeks of consolidation beneath that area, buyers absorbed available supply and triggered an impulsive expansion higher. Volume increased significantly during the breakout, confirming genuine participation rather than a low-liquidity move. Related Reading: XRP Sends A Rare Signal As Whale-Retail Dynamics Are Shifting – Traders Are Watching Trend structure remains exceptionally constructive. HYPE is trading well above its 50-day, 100-day, and 200-day moving averages, with all three averages aligned in a bullish configuration. The widening distance between price and the longer-term moving averages reflects the strength of the current trend but also highlights how extended the asset has become in the short term. The $70 level now becomes the first major support zone to monitor. Holding above this area would confirm the breakout and potentially create a platform for further upside exploration. On the downside, a deeper correction could target the former breakout region between $60 and $65, which should now act as support. Featured image from ChatGPT, chart from TradingView.com
On Tuesday, the Hyperliquid token (HYPE) surged to a new all-time high of $65, briefly propelling the cryptocurrency into the top ten by market capitalization and drawing fresh attention to the platform’s underlying momentum. Grayscale Research released a new report 24 hours later on Wednesday, breaking down why Hyperliquid has worked so well so far, what has helped it expand beyond crypto trading, and what investors may look for next. Hyperliquid Beyond Crypto Perps In its report, Grayscale said Hyperliquid’s scale and growth can now be compared with the largest crypto derivatives venues, pointing to activity that has grown alongside its open interest and fees. The firm noted that Hyperliquid handled about $2.9 trillion in perpetual futures (perps) volume in 2025 and currently holds roughly $7 billion in open interest. Related Reading: Will XRP Price Ever Reach $200? Top Expert Discloses What Must Happen First The asset manager also ranked Hyperliquid as the third or fourth-largest perpetual futures exchange by open interest, emphasizing that volume, open interest, fees, and market awareness have risen together even as the platform has started expanding from crypto-native products into a wider range of tradable exposures. One of Grayscale’s key themes was that Hyperliquid hasn’t limited its expansion to traditional crypto perps. Instead, it has moved toward a broader set of products through an open architecture approach. HIP-3 And HIP-4’s Success New functionality is introduced via Hyperliquid Improvement Proposals (HIPs), and those products are built and deployed by third-party teams rather than by Hyperliquid’s original creators. Grayscale highlighted HIP-3 as a major step in this direction. HIP-3 enables builders to launch new perpetual markets, including non-crypto assets such as stocks, commodities, and index-based products. Grayscale said the volume data support that view. During the February silver spike, silver HIP-3 perps reportedly reached more than $4 billion in daily volume. In a window on February 5, 2026, HIP-3 silver perp volume traded at roughly 1% of COMEX’s silver notional volume. Building on that momentum, Grayscale pointed to HIP-4, which it described as extending the model to outcome markets—binary options that resemble prediction-market contracts. 4 Reasons Behind The Platform’s Growth Alongside its product expansion, Grayscale said there are several reasons Hyperliquid has been able to stand out. The report emphasized product focus, arguing that Hyperliquid was built around the perpetuals trading use case rather than treating trading as one feature among many. In Grayscale’s view, that allowed the platform to prioritize what active traders care about most: fast order entry, reliable execution, clear and readable positions, and an exchange-style interface that feels familiar. The firm also highlighted distribution, arguing that the builder-code and frontend approach gives third parties a reason to route users into the same liquidity base instead of fragmenting attention across separate venues. Grayscale added that the economics have already been meaningful; it cited Phantom’s integration of Hyperliquid perps through builder codes, noting Phantom has earned roughly $19.7 million from routed trading fees. Lastly, Hyperliquid’s token distribution was structured to reward platform users rather than venture investors or pre-selected insiders, which Grayscale said helped build a different kind of early ownership. Key Risks For HYPE Even with the optimistic growth narrative, Grayscale ended by warning investors to consider both familiar crypto risks and some platform-specific concerns. It said HYPE’s annualized price volatility is about 80%, roughly 40 percentage points higher than Bitcoin. Related Reading: Ethereum (ETH) Next Rally Could Start With These Two Triggers, Top Analyst Says It added that Hyperliquid’s growth potential partly depends on changes to United States financial services regulation that could open access to a broader set of users. Without those shifts, Grayscale warned the platform’s expansion may end up being limited mostly to other jurisdictions, potentially capping how far it can grow. Still, the report’s concluding message was that if Hyperliquid continues executing well, retains and grows its community, and benefits from regulatory developments that make broader adoption possible, it could become a “financial services juggernaut.” Featured image created with OpenArt; chart from TradingView.com
HYPE has surged above its all-time highs, reaching $65 yesterday in a move that has captured the attention of the broader crypto market at a moment when most assets are struggling under selling pressure. The breakout is significant on its own terms — but data from Hyperliquid has surfaced a detail about who is accumulating the asset that adds a layer of conviction signal to the price action that the chart alone cannot provide. Related Reading: FET Exchange Supply Is Quietly Disappearing – Discover Why Traders Are Watching Closely Garrett Jin — the whale identified as the trader who placed a $735 million short position on Bitcoin immediately before the October 10 market crash, a call that became one of the most discussed and most accurate large-scale trades of the cycle — has been buying HYPE over the past four days. The accumulation totals 145,050 tokens at an approximate cost of $9.05 million. More significantly, Jin has placed a TWAP order — a time-weighted average price execution that automatically continues buying at measured intervals — to acquire an additional 39,940 HYPE worth approximately $2.44 million. Garrett Jin's holdings on-chain | Source: Hypurrscan.io TWAP orders are not reactive trades. They are deliberate, systematic accumulation strategies used by participants who want to build a position over time without moving the market against themselves. Garrett Jin is not responding to HYPE’s all-time high breakout. He has been building toward it — and has automated the next phase of that build to continue regardless of short-term price fluctuations. The trader who called October’s crash is telling the market something specific about where he thinks HYPE goes from here. A $9M HYPE Bet Alongside $77M in Active Positions The Hyperliquid data reveals the full portfolio context that makes the HYPE accumulation more significant than a standalone transaction. Garrett Jin is not a participant whose entire focus has shifted to HYPE. He is actively managing a multi-asset book simultaneously — and the HYPE position is being built alongside, not instead of, his existing commitments. On the long side, Jin holds 504.4 Bitcoin worth approximately $38.9 million — a substantial directional bet on Bitcoin’s recovery that reflects continued conviction in the broader crypto market despite the recent weakness that has tested most participants. The position size places him in a category of trader whose Bitcoin view carries real financial consequence rather than speculative noise. Garrett Jin's perps positions on Hyperliquid | Source: Hypurrscan.io On the short side, Jin holds 57,460 ZEC worth approximately $38 million — a position currently down approximately $2.11 million, representing a deliberate bet against Zcash that he has maintained through that unrealized loss rather than cutting at the first sign of pressure. The willingness to hold a losing short reflects the same conviction management that characterizes his track record. The combined picture describes a trader running approximately $77 million in active directional positions across three assets simultaneously — while systematically adding to HYPE through an automated accumulation order. This is not a casual allocation or a momentum chase. It is a calculated addition to an already substantial and actively managed book from the same participant who identified October’s crash before it happened. Related Reading: Kevin Warsh’s Fed Era Could Change Bitcoin Forever – Here’s The First Signal To Watch HYPE Enters Price Discovery After Explosive Breakout HYPE has entered a powerful price discovery phase after breaking decisively above its previous all-time highs near the $50 level. The daily chart shows a clear acceleration in momentum over the past two weeks, with buyers reclaiming control after months of consolidation and gradually building higher lows since March. The breakout above the previous resistance zone triggered an explosive expansion move that pushed HYPE toward the $65 region, confirming one of the strongest trend structures currently visible across the crypto market. HYPE consolidates above its previous ATH | Source: HYPEUSDT chart on TradingView What makes the move particularly significant is the combination of price strength and volume expansion. Recent candles show rising participation as HYPE pushed vertically higher, suggesting the rally is not occurring on thin liquidity alone. Volume increased aggressively during the breakout, reflecting strong market interest and sustained buying pressure rather than a temporary short squeeze. Related Reading: XRP Whale Dominance Returns To Binance While Coinbase Data Tells A Different Story Technically, HYPE remains firmly above the 50-day and 100-day moving averages, both of which are now trending upward and acting as dynamic support zones. The 200-day moving average sits far below current price levels near the mid-$30 range, highlighting how extended the current bullish structure has become. As long as HYPE holds above the former breakout area around $56–$58, bulls maintain control of the trend. However, after such a sharp expansion, volatility and profit-taking risk are likely to increase substantially in the short term. Featured image from ChatGPT, chart from TradingView.com
Hyperliquid (HYPE) has notched a fresh all-time high as activity across parts of the broader crypto market appears to be consolidating rather than accelerating. While many competitors have stayed relatively range-bound, HYPE has pushed higher and is now inching toward Dogecoin (DOGE), the tenth-largest cryptocurrency by market cap. At the moment, DOGE still holds a sizable lead—about a $2 billion gap—though Hyperliquid’s latest move has put it back in the spotlight. HYPE Hits A New Peak At the time of writing, HYPE was trading around $61.94. During the day, it briefly surged to $62.80, setting a new record peak for the platform’s native token. The price action has been accompanied by strong performance across several time horizons. On a weekly basis, the token is up roughly 48%. Over the past thirty days, the gains expanded to about 54%. Year-to-date, HYPE has recorded triple-digit growth, with a 134% increase so far. Related Reading: Bitcoin Could Hit Near $95,000 If It Holds Above This Critical Support, Top Analyst Says Part of the narrative around HYPE lately has been the alignment of bullish catalysts highlighted over the past few weeks by NewsBTC. The latest surge comes as investors appear to be responding to a growing set of market drivers aimed at Hyperliquid’s ecosystem—especially within the Hyperliquid ETF space. Institutional interest beyond this nascent sector is also being framed as a key element of the current momentum. LookOnChain flagged large purchases tied to Grayscale, reporting that the firm was loading up on HYPE. In one hour alone, Grayscale was said to be buying 115,733 HYPE, worth roughly $6.65 million. Looking across a longer window, the same tracking indicated Grayscale has accumulated 682,190 HYPE over the past week, totaling about $34.9 million. Is Hyperliquid Undervalued? Meanwhile, developments on the infrastructure side may also be adding to the bullish case. Coinbase has been named as Hyperliquid’s official USDC liquidity provider, strengthening the stablecoin plumbing around the platform. In addition, Coinbase is reportedly set to acquire USDH brand assets, a move that could further reshape how Hyperliquid’s token and stablecoin components fit together. Related Reading: Solana ETF Falls Behind As XRP Collects More Cash—Here’s The Catalyst Driving The Split Even with all of this, Bitwise’s CIO Matt Hougan suggested earlier this week that the market may not yet be fully pricing Hyperliquid’s broader value proposition. Hougan said Hyperliquid appears to be caught in what he described as a “pricing error”—with investors treating it as little more than a perpetual futures exchange. His view is that the market still hasn’t recognized the platform’s longer-term trajectory, despite the growing wave of activity and institutional demand. Featured image created with OpenArt, chart from TradingView.com
HYPE is showing remarkable strength as it approaches all-time highs — a performance that stands in sharp contrast to the broader market, facing selling pressure and uncertainty. While most assets have been retreating, Hyperliquid’s native token has been moving in the opposite direction, drawing attention from the most closely watched category of participants in the digital asset space. Related Reading: Bitcoin’s 2026 Market Structure Reveals A Problem Hidden Beneath ETF Growth Data from Arkham Intelligence has revealed that a whale wallet linked to Andreessen Horowitz — the legendary Silicon Valley venture capital firm known as a16z, which manages one of the largest and most influential dedicated crypto funds in the world and has backed foundational projects including Coinbase, Uniswap, and Solana — has created a new wallet and used it to purchase 206,325 HYPE tokens worth approximately $9.95 million over the past ten hours. The purchased tokens were then immediately staked — a deliberate act that removes them from liquid circulation and signals a long-term holding intention rather than a trading position. HYPE whale transactions | Source: Arkham The creation of a new wallet before the purchase adds a layer of deliberateness to the transaction. This was not a routine addition to an existing position. It was a structured, intentional allocation — a fresh wallet created specifically to hold and stake a new tranche of HYPE while the broader market was selling. That behavioral detail, combined with the staking decision, tells a specific story about conviction — and about what a16z appears to believe is coming for Hyperliquid next. $102 Million in Six Weeks The latest purchase does not exist in isolation. Since April 14, the a16z-linked wallet activity has accumulated a total of 2.34 million HYPE tokens at a combined cost of approximately $102 million — a figure that has now crossed nine figures and continues to grow with each new transaction. The relevance of that total extends beyond the dollar amount. A16z is not a retail participant making opportunistic purchases during market weakness. It is one of the most analytically sophisticated and information-rich investors in the crypto ecosystem — a firm whose due diligence process for investments of this scale involves months of research, protocol analysis, team evaluation, and market structure assessment. When that category of participant commits $102 million to a single asset across six weeks of consistent accumulation, it is expressing a thesis that has survived rigorous internal scrutiny rather than a trade that felt attractive in the moment. Related Reading: XRP Enters “Volatility Vacuum” As Traders Exit Derivatives Market The staking behavior compounds the signal further. Tokens staked immediately after purchase are tokens that will not appear on the sell side of any exchange order book in the near term. Each staked tranche reduces the liquid float available to the market — a supply compression mechanism that operates quietly and persistently regardless of short-term price movements. HYPE approaching all-time highs while the broader market faces selling pressure is the price expression of that dynamic. A16z has been building the position for six weeks. The market is only now beginning to price in what that commitment implies about where Hyperliquid goes from here. HYPE Approaches Major Breakout Zone HYPE is trading near $49.50 after extending one of the strongest uptrends in the crypto market, with price now approaching the critical resistance region near previous all-time highs. While most major digital assets continue struggling below long-term resistance, HYPE has maintained a remarkably constructive structure defined by sustained higher highs, higher lows, and consistent buyer support during pullbacks. HYPE consolidates around key resistance level | Source: HYPEUSDT chart on TradingView The daily chart shows a decisive trend reversal beginning in February, when HYPE bottomed near the $21 region before reclaiming all major moving averages in rapid succession. Since then, the 50-day and 100-day moving averages have both turned sharply upward, while price continues trading comfortably above the 200-day moving average — a signal of strong medium and long-term momentum. Related Reading: Ethereum Whales Flood Binance With 225,000 ETH In Largest Inflow Since 2022 Importantly, the latest rally toward the $50 resistance area has been accompanied by a visible expansion in volume, suggesting the move is being supported by active accumulation rather than thin liquidity conditions. The recent breakout above the $45 region also confirms that buyers successfully absorbed supply from previous consolidation phases. Technically, HYPE now sits at a critical inflection point. A confirmed breakout above the current resistance zone could open the door for price discovery and a move toward the $56-$60 region. Meanwhile, the $41-$45 area becomes the key support zone bulls need to defend to maintain the current bullish structure. Featured image from ChatGPT, chart from TradingView.com
HYPE has been one of the most compelling stories in crypto since its launch in November 2024. While the broader market has faced sustained selling pressure and most assets have struggled to hold meaningful levels, Hyperliquid’s native token has demonstrated a resilience that has drawn attention from participants well beyond the DeFi ecosystem that originally embraced it. Related Reading: XRP Leverage Expansion Raises Risks Near $1.50 Resistance – A Big Move May Follow The project’s combination of genuine product traction, growing trading volume, and a token model that rewards network participation has made HYPE one of the few assets in this cycle that institutional observers have treated as a serious long-term allocation rather than a speculative trade. That institutional attention has now produced a data point that is difficult to ignore. Arkham Intelligence reveals that a wallet identified as linked to Andreessen Horowitz — the Silicon Valley venture capital firm known universally as a16z, whose crypto fund has been among the most influential institutional investors in the digital asset space since its launch in 2018 — has purchased another 372,000 HYPE tokens worth approximately $16.91 million over the past several hours. A16z does not make small, casual purchases. The firm manages billions in assets across traditional technology and crypto investments, and its on-chain activity is tracked by the market as a signal of informed, long-horizon conviction rather than short-term speculation. When a wallet linked to a16z adds $16.91 million to an existing position, the market pays attention — and the existing position context makes this latest purchase considerably more significant than the figure alone suggests. $90 Million in One Month. One Wallet. One Direction The scale of the commitment becomes clear when the individual transactions are viewed as a single sustained strategy. Since April 14, the wallet linked to a16z has accumulated 2.11 million HYPE tokens at a total cost of approximately $90.87 million. What began as a series of individual purchases has accumulated into one of the most significant documented institutional positions in Hyperliquid’s short history. The timeline matters as much as the total. April 14 was not a market peak — it fell within the period of broader crypto weakness that has tested conviction across the ecosystem. A16z was not buying HYPE because the market was euphoric and momentum was obvious. They were building a position through a difficult environment, adding to it repeatedly over four weeks, culminating in today’s $16.91 million purchase while Ethereum and Bitcoin were losing key support levels simultaneously. Related Reading: Bitcoin Cannot Clear $82K – Analyst Explains How Traders Are Using Every Rally to Exit That behavioral profile — sustained accumulation during weakness rather than momentum chasing during strength — is the behavioral signature of an investor expressing a thesis rather than a trade. Ninety million dollars across a single month does not describe a fund taking a speculative position on a short-term price move. It describes a firm that has made a structural judgment about Hyperliquid’s trajectory and is sizing the position accordingly. For HYPE holding key levels while the broader market faces pressure, the a16z accumulation data provides the most concrete available evidence of who is on the other side of the selling. The question the market is now asking is whether $90 million is where the conviction ends — or where it is currently pausing before the next addition. HYPE Holds Strong Uptrend HYPE is trading around $45.50 after extending one of the strongest recovery structures in the current market. While most major crypto assets continue struggling below long-term resistance levels, HYPE has maintained a consistent sequence of higher highs and higher lows since bottoming near the $21 region earlier this year. The daily chart shows a decisive trend reversal beginning in late February, when buyers reclaimed the 100-day moving average and rapidly pushed the price back above the 200-day moving average. Since then, both indicators have turned upward, confirming strengthening momentum and improving market structure. HYPE is now trading comfortably above all major moving averages, a position very few large-cap crypto assets currently maintain. Related Reading: The 2022 Playbook Says Bitcoin Fails Here. On-Chain Data Says This Cycle Is Different Importantly, the recent move toward the $45-$46 resistance zone has been supported by steady volume expansion rather than isolated speculative spikes. That suggests demand is being driven by sustained accumulation instead of short-term momentum chasing. The latest breakout attempt also follows several weeks of consolidation above the $40 support region, indicating that buyers have continued absorbing supply during periods of market weakness. The broader structure now places HYPE near a critical breakout point. A decisive move above the current resistance range could open the door for a retest of the previous highs near the $56-$58 region, while the $40-$41 area remains the key support zone bulls need to defend. Featured image from ChatGPT, chart from TradingView.com
The first Hyperliquid (HYPE) ETF debut in the US on Tuesday drew attention quickly after the fund reportedly logged more than $1 million in inflows on day one. However, trading conditions changed fast. On Wednesday, HYPE’s price fell about 4%, sliding to roughly $38 as the broader crypto market stayed under pressure throughout the week and extended the downturn. Failed Attempts At $45 Despite the near-term weakness, one analyst believes the altcoin still has a clear path to substantially higher levels once the current market cycle improves. In a Wednesday post on social media site X (formerly Twitter), market analyst McKenna argued that HYPE’s recent movement resembles a local top on the altcoin’s daily chart. Related Reading: First Hyperliquid ETF Launch: Day One Volume Hits $1.8M–Key Details According to the analysis, HYPE has tried twice to break above the closest resistance level around $45, and failed both times. McKenna pointed to what he described as a “large range” forming between roughly $35 and $50, suggesting the token may remain trapped in that band for a while as traders accumulate again. The broader weakness in the Hyperliquid token could be linked to the continuing bear-market narrative. With Bitcoin (BTC) not showing a convincing breakout from current levels, the bear thesis is still playing out. Two Views On Hyperliquid Looking further ahead, McKenna’s outlook is significantly more optimistic on a fundamentals-based horizon. He said he expects HYPE to eventually push into “three digits” before summer 2027. If Hyperliquid were to hit $100 in the coming year, that would be an increase of over 163% from current trading levels and almost double HYPE’s current price record from the previous year’s bull run, when the cryptocurrency reached about $59. Related Reading: Coinbase CEO Unpacks The Crypto Bill’s Biggest Promise For The US Financial System Still, the near-term picture may be even more challenging. Another analyst, Umair Orakzai, warned on X that the chart signals are turning increasingly bearish. Orakzai said the trendline has “broken,” and that the appearance of large candles indicates the trend is no longer intact—adding that “panic” may be starting to spread. He suggested that the “real panic” could begin if HYPE falls below $38.8. For the moment, Hyperliquid investors should focus on $35 as the next major support level. If that floor gives way, levels not seen since March—around $29—could follow. Featured image created with OpenArt, chart from TradingView.com