Hyperliquid’s HYPE token has surged to a two-week high above $40, driven by significant whale accumulation and bullish market sentiment. A newly created wallet deposited $5 million and purchased $2.3 million worth of HYPE, while on-chain data reveals a major long position is now profitable after months. The altcoin’s Long/Short Ratio has risen to 1.41, indicating increased bullish bets, though exchange netflows suggest some profit-taking is occurring.
The Hyperliquid token HYPE traded at $40.4, marking a two-week high within an ascending channel. This price represents a 4.7% daily gain, adding to its 14% weekly increase.
Whales have re-entered the market amid favorable conditions. A newly created wallet, according to Lookonchain, deposited $5 million and purchased 59.2k HYPE worth $2.3 million.
The whale’s account still holds $2.6 million in USDC for potential further purchases. “With HYPE holding above the entry price, the whale is already up $10k,” the report noted.
Separately, a persistent whale holding a 5x long position since December 6th is now erasing all losses. This position had been down by over $26 million after HYPE dropped below $20.
The whale maintained the position for five months, losing $1.9 million in funding fees. With HYPE above $40, the whale’s floating profit now exceeds $2.77 million.
Market data from Coinalyze shows the altcoin’s Long/Short Ratio rose to 1.41. This indicates 58.5% of positions are held by longs, reflecting a bullish tilt.
HYPE’s Relative Strength Index climbed to 63, remaining in the bullish zone. The token also held above its 9- and 21-day moving averages, signaling sustained upside momentum.
However, investors showed a determination to cash out as prices rose. The altcoin recorded positive netflow totaling $4.9 million on April 9th and 10th, data from CoinGlass indicated.
A positive netflow suggests more sellers entered exchanges during the price pump. Such profit-taking activity could potentially derail the current uptrend.
