In a challenging market where Bitcoin dominates and the Altcoin Season Index sits at just 34 out of 100, Hyperliquid (HYPE) is showing notable resilience. While major peers like Ethereum and Solana weaken sharply, HYPE trades near $26.71, holding key supports. Underlying this strength is a surge in Total Value Locked above $6 billion and consistent high protocol fees. Furthermore, a whale has been actively accumulating HYPE through over-the-counter transactions via Galaxy Digital, amassing a position now worth nearly $14.86 million.
Market conditions remain unfavorable for most altcoins as Bitcoin continues to dominate capital flows. The Altcoin Season Index stood at 34 out of 100, showing fewer than 35% of top altcoins outperform Bitcoin over 90 days.
Within this environment, Hyperliquid began to diverge from the broader market structure. Major peers weakened sharply, with Ethereum trading below $1,900 and Solana falling toward $78, while HYPE declined modestly.
Underlying fundamentals explain this resilience. Hyperliquid’s TVL expanded from near zero in early 2024 to above $6 billion by late 2025, signaling rapid protocol adoption.
Protocol fees frequently spike between $6 million and $12 million, reflecting sustained trading activity. This resilience reflects structural drivers from its perpetual DEX and a Coinbase listing that expands institutional access.
Digital asset treasury data highlights a clear divergence across major strategies. Most DAT positions remained deeply underwater, with unrealized losses amounting to more than $7 billion.
Within this environment, Hyperliquid Strategies ($PURR) stands out. The treasury currently holds roughly $356 million in unrealized gains, making it the only strategy maintaining positive territory.
Institutional accumulation of HYPE continues through large OTC transactions. A whale recently purchased 215,056 HYPE, valued at $6.06 million, through Galaxy Digital’s OTC desk.
This purchase adds to earlier transfers over the past 18 days, steadily expanding the same wallet’s holdings. The address now holds 540,337 HYPE, worth nearly $14.86 million.
This pattern indicates deliberate scaling rather than single-event buying. OTC desks allow large participants to build positions without disrupting open market liquidity.
