Large holders increased their exposure to HYPE as the token traded near the key $60 support area.
According to Lookonchain, a newly created wallet withdrew 278,827 HYPE worth approximately $17.45 million from Coinbase Prime.
Shortly afterward, wallet 0x2386 returned after a month-long pause and removed another 96,930 HYPE valued at roughly $6.01 million from BitGo.
Together, the transactions accounted for more than 375,000 HYPE and over $23 million in withdrawals.
Rather than moving tokens onto exchanges, both wallets transferred assets into private custody.
This behavior reduced the immediately available supply and highlighted growing conviction among larger market participants.
The timing also attracted attention because the accumulation occurred while Hyperliquid [HYPE] traded directly above one of its most important technical support zones.
HYPE retail activity remained muted despite whale demand
Retail participation remained subdued even as whale activity accelerated.
The retail activity through Trading Frequency metric continued signaling “Few Retail,” indicating that smaller traders had not entered the market aggressively despite the sizeable withdrawals.
That divergence suggested larger investors drove recent positioning around HYPE.
Unlike rallies fueled by widespread speculative demand, the current structure reflected accumulation from a relatively small group of market participants.
In addition, the lack of retail involvement indicated that market conditions had not reached euphoric levels.
Although muted retail activity alone did not guarantee higher prices, it showed that broader market participation remained limited.
As a result, whale transactions remained the dominant factor shaping sentiment around HYPE during the latest trading sessions.
Cup-and-handle structure held above a major support confluence
At the time of writing, HYPE traded above a critical technical area after retreating from the recent high near $76.
The daily chart showed a developing cup-and-handle formation, with the handle taking shape during the latest correction.
Price also approached a confluence support zone around $60, where the cup-and-handle neckline intersected with an ascending trendline that had supported the uptrend since mid-May.
Meanwhile, the RSI declined to 48.7 and slipped below both the neutral 50 level and its moving average near 55.2.
This shift reflected cooling buying strength during the retracement. Even so, the broader structure remained intact because HYPE continued holding above the support confluence.
If buyers maintained control of the $60 region, HYPE could challenge the immediate resistance at $66.88.
A move above that barrier could expose the next major resistance near $73.64, while a breakdown below support would weaken the current bullish structure.
Dense liquidity zones remained positioned overhead
The Binance Liquidation Heatmap showed a dense concentration of liquidation liquidity directly above HYPE’s current price.
The first notable cluster appeared between approximately $63.5 and $64.5, placing a significant pool of liquidity just above the market.
Beyond that area, a larger concentration emerged around the $66 region, which aligned closely with the resistance level at $66.88 on the daily chart.
Those overhead liquidity pockets suggested that price could gravitate toward them if buyers continued defending support.
Since a large number of leveraged short positions remained concentrated in those zones, an upward move could trigger liquidations and accelerate volatility.
The imbalance between overhead liquidity and nearby downside liquidity also favored a potential move into those clusters.
Therefore, the heatmap continued highlighting the $64 and $66 regions as key levels to watch.
Final Summary
- Whales accumulated heavily while HYPE continued holding a critical support confluence.
- Dense liquidity above price kept focus on potential moves toward resistance.