Hyperliquid [$HYPE] has ranked among the strongest-performing tokens over the past month, defying a broader crypto market that continues to underperform.
On the 16th of June, the $HYPE printed a fresh all-time high of $76.95, lifting its year-to-date return to roughly 179.45%. Whales have begun showing renewed interest in $HYPE, resuming accumulation after a quieter stretch.
$HYPE whales resume accumulation
Whales have started accumulating $HYPE again over the past day, marking a noticeable shift in behaviour.
Two of the most notable purchases came from a whale labelled Garrett Jin, who acquired 71,092 $HYPE worth about $5.06 million, and an unidentified whale who bought 50,000 $HYPE worth $3.58 million while holding a balance of roughly 200,000 $HYPE worth $14.33 million at the time.
On-chain Lens data shows Garrett Jin still has a time-weighted average price (TWAP) order running, meaning he is set to keep buying $HYPE in increments over a defined period.
Whale accumulation tends to strengthen an asset’s outlook because it often signals that more upside remains, with large holders typically chasing these gains. Many investors read such activity as a buy signal and re-enter the market to add to their positions.
Retail traders drive $HYPE’s rally
Retail traders have been the primary force behind $HYPE’s recent rally, particularly as the token pushed into all-time-high territory. That read comes from the whales-retail delta, a metric that tracks which cohort is steering an asset in either direction.
A negative reading in red indicates retail investors hold control. They have led since the 9th of June, with a delta of -0.095 as of writing.
Conversely, whales had been trimming their exposure to $HYPE. The re-entry seen over the past day, if it continues with more whales stepping in, could support the price, since this cohort tends to hold longer than retail traders, who are prone to quicker sell-offs.
Spot-flow analysis points to heavy selling over the past ten days, the window in which retail took over and whales pared back. Net flow has reached $55.51 million in net sales, indicating that selling has outweighed buying across the period.
More upside remains
Liquidation-heatmap analysis suggests $HYPE still has upside left to capture, based on the position of cluster levels.
Cluster levels are price points on the chart, above and below the current price, where unfilled liquidity orders sit, and they tend to act as magnets that pull price toward them. The upside cluster currently extends as far as $79, meaning unfilled orders rest at that level, and price could trade toward it as it has done historically.
Downside potential still exists, though the clusters below are less dense. That thinner concentration of orders indicate they may exert only a minimal pull on price.
Final Summary
- $HYPE climbed to a fresh record high while most of the crypto market struggled, making it one of June’s standout performers.
- After weeks of net selling, large investors are buying $HYPE again—a move traders often read as growing confidence in further upside.
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