Hyperliquid whales buy $54mln HYPE dip – Can bulls defend $68?

Hyperliquid [HYPE] has remained one of the market’s strongest performers this year. Despite broader weakness, the token continued attracting fresh capital.

On the 4th of June, the crypto market fell 3.85%, while HYPE slipped 2.90%. Even so, whales appeared to use the dip to accumulate millions of dollars worth of tokens.

Why are HYPE whales buying the dip?

Data from Onchain Lens showed that a newly created wallet, 0x193, withdrew 180,000 HYPE worth $13.40 million from Coinbase.

At the same time, three additional wallets, potentially linked to one entity, withdrew 557,406 HYPE worth $41.53 million from Kraken and moved the tokens into staking.

These transactions suggested that large holders continued accumulating HYPE despite weaker market conditions.

The trend extended beyond new wallets. According to Nansen, the top 100 HYPE addresses increased their holdings by 1.36% over the past 24 hours. Smart Money holdings also rose by 12.07% during the same period.

That accumulation trend may help explain why HYPE has maintained its broader uptrend while several major cryptocurrencies struggled to recover.

At press time, HYPE traded at $69.30 after falling 2.90% over the previous 24 hours. Trading Volume declined 14% to $1.44 billion, pointing to slower activity despite continued accumulation.

Can HYPE avoid a deeper pullback?

According to TradingView, Hyperliquid [HYPE] has spent the last five trading sessions consolidating between $68.08 and $75.76, near its all-time high.

As the token approached the lower boundary of that range, downside risk increased alongside broader market weakness.

Based on current price action, a daily close below $68.08 could trigger a breakdown from the consolidation zone. If that happens, HYPE could fall toward $55, representing a potential decline of nearly 20%.

On the other hand, a daily close above $76 could invalidate the bearish setup and reopen the path higher.

Even so, the broader trend remained intact. The Average Directional Index (ADX) climbed to 42.82, while HYPE continued trading above its 200-day Exponential Moving Average (EMA).

What are Hyperliquid traders betting on?

Derivatives data suggested traders leaned slightly bearish.

According to CoinGlass, Hyperliquid’s Long/Short Ratio fell to 0.9877, indicating a modest preference for short positions. Meanwhile, $68.03 and $71.63 emerged as the key liquidation levels.

Traders had built roughly $5.34 million in long positions around $68.03. Short positions totaled $12.95 million near $71.63.

That imbalance suggested bearish conviction remained stronger in the derivatives market, even as whales continued accumulating on-chain.

Final Summary

• Whales withdrew over $55 million worth of HYPE, showing accumulation continued despite the broader market sell-off.
• A daily close below $68.08 could end HYPE’s consolidation phase and expose the token to deeper losses.