HYPE is nearing a new ATH, and the whales are buying every dip – Details!
HYPE's push up is being supported by ETF flows and product launches.
HYPE nears ATH as whales buy the fear
HYPE is back near its previous ATH. What stands out now though, is how the market reacted to pressure.
Even with growing regulatory concerns and some pulled liquidity, HYPE has continued to climb on the charts. In fact, whale data also hinted at buying through the fear, all while retail stayed back in cautiousness.
According to Alphractal, while funding has slowed down, leverage has been more balanced, with the OI rebuilding too.
There’s some real weight behind the rally
HYPE’s market cap has reportedly crossed $14.9 billion, pushing it into the top 10. Additionally, Hyperliquid has also flipped Solana [SOL] by FDV.
In the past week alone, 21Shares’ THYP ETF listed on Nasdaq with $1.8 million in day-one volume, followed by Bitwise’s BHYP, which opened with $4.31 million. Around the same time, Coinbase became Hyperliquid’s USDC treasury deployer. This could route $135-160 million annually towards HYPE buybacks.
Then came the SpaceX pre-IPO synthetic perp, which saw $33 million in day-one volume and $21.8 million in Open Interest.
Momentum still favors the bulls
At the time of writing, HYPE had climbed to around $59.7, moving back above its previous resistance zone after a multi-week rally.
The daily RSI was near 79, with buyers still in control of the trend despite overheating.
The DMI appeared to be bullish too. The positive directional index had widened above the negative side, while trend strength sped up. To put it simply, the rally wasn’t just fast, it was powerful.
Only time will tell about a breakout, but the numbers say the odds are firmly in HYPE’s favour.
Final Summary
- HYPE has been closing in on its previous ATH.
- Ecosystem’s growth has been sped up with ETF launches, Coinbase integration, and new trading products.
