Whale Deposits $5.18M HYPE After Rebound as Retail Demand Stays Strong

A whale linked to a16z deposited 77,402 HYPE tokens, worth $5.18 million, into OKX and Bybit after HYPE rebounded from its recent slip to $60. The whale subsequently purchased $782,000 worth of ETH, signaling a shift toward Ethereum. Despite this profit-taking, Hyperliquid's market structure remains bullish, with retail traders driving continued accumulation as Spot Netflow dropped 155% to -$32.8 million over the past week, reflecting sustained buying pressure.

Whale Linked to a16z Deposits $5.18M in HYPE to Exchanges

According to Lookonchain, a whale linked to a16z deposited 77,402 HYPE, worth $5.18 million, into OKX and Bybit. After previously accumulating HYPE aggressively, the whale now appears to be rotating into other assets. Shortly after selling, Lookonchain reported that the whale purchased $782,000 worth of ETH.

At press time, Hyperliquid traded around $65, up 4.58% on the daily charts. The volume climbed 88%, reflecting heightened market activity. The altcoin sits 15% below its $76k high recorded a week ago but successfully held $60 and bounced back to a local high of $67 before slightly retracing.

Spot Netflow Drops 155% as Retail Traders Accumulate

Over the past week, Spot Netflow remained negative, dropping 155% to -$32.8 million. With Netflow holding negative for a sustained period, it suggests that investors are mostly bullish and continue to accumulate.

Retail traders largely drive the accumulation. A look at Spot Retail Activity shows that retailers have remained increasingly active. Over the past week, the Spot Market saw 'Too Many Retail' orders for five days and only recorded 'Few Retail' orders on the last two days.

ADX and +DI Indicators Signal Upward Momentum

With the ADX rising alongside the +DI, upside momentum currently holds the advantage. This suggests the indicator points toward continued upward movement. However, if reduced retail participation signals weaker activity, the $70 resistance may remain difficult to break.

FAQ

What did the whale linked to a16z do with HYPE tokens?

The whale deposited 77,402 HYPE, worth $5.18 million, into OKX and Bybit exchanges after HYPE rebounded from $60. The whale then purchased $782,000 worth of ETH.

How has retail trader activity affected Hyperliquid's market?

Retail traders remained increasingly active over the past week, with the Spot Market recording 'Too Many Retail' orders for five days. Spot Netflow dropped 155% to -$32.8 million, reflecting sustained buying pressure and bullish sentiment.