Whales Snap Up 358,279 HYPE Worth $18.23M, Where's Price Headed?

HYPE Sees $18.23M Purchase from Two Whales Fueling Market Activity

The HYPE token recently saw a large purchase of 358,279 tokens worth roughly $18.23 million from two major investors, as noted in Lookonchain's recent publication. The amount of tokens accrued has caught the attention of the crypto community as it continues to grow. The recent price shifts of tokens have also added to the stir as within the past 24 hours, the price has increased by 9.90%, and in the past 7 days, it has surged by 19.16%.

HYPE in Whale Portfolios

The recent data from Lookonchain identifies two portfolios that have an extreme focus on holdings. The first portfolio is worth $10.28 million, with HYPE as the primary asset. The holder has 189,019.25 HYPE tokens, each worth roughly $50. This holding has seen a 3.02% (or $281,782.41) appreciation. 

Source: X

The rest of the portfolio holdings, such as USDC, take an insignificant portion, which further highlights the holder’s confidence in the future appreciation of price. Alongside this, the holder has no other positions in other asset classes such as perpetuals, vaults, or staking, which shows there are no other strategies with HYPE and USDC.

On the other hand, the second portfolio, worth $8.62 million, is also overwhelmingly dominated by the token. The portfolio has surged by $417,001, representing 5.09%, with 169,259.25 tokens, each bought for $50.90.

Source: X

HYPE Derivatives Market Grows 

At the same time, the derivatives market has experienced significant growth with the trading volume increasing by 22.97% to $3.17 billion. The numbers serve as evidence that more traders have become involved in the ecosystem, in tandem with the increasing interest in its price movements. 

Source: CoinGlass

In relation to the increasing inflows, open interest has also changed by 15.95%, increasing the total to $2.30 billion. Investors, from the looks of it, are eager to capitalize on the token's momentum, which generally suggests an optimistic outlook. 

For positions over the last day, the long/short ratio is 1.0721, which indicates a slight preference for long positions. This aligns with the presumption of bullish market sentiment. Examining more advanced exchanges, such as Binance, reveals a long/short ratio of 1.5419 for HYPE’s trading pair with USDT for all users, while it reaches 1.739 for the top traders. Both of these values being higher than 1 and greater than most other tokens suggests greater bullish sentiment for the token’s short-term price. 

Varied Sentiment Across Platforms

On the other hand, there is support for the different platforms. The OKX market is slightly “middle of the road” with a long/short ratio of 1.1. This suggests a more neutral stance of the traders on the platform. 

Even so, the prevailing pattern on the bigger exchanges indicates a ramping up of trust in the crypto’s price action.