Investor euphoria is cooling as the Web3 market catches its breath after Bitcoin’s (BTC) historic all-time high above $124,000. BTC’s correction toward the $113,000 level over the past week has now pushed the Crypto Fear and Greed Index closer to the “Fear” category.
A new crypto project that’s reaching fresh milestones despite this uncertainty is Bitcoin Hyper (HYPER), a Layer 2 for Bitcoin that has raised $11 million in its presale. Whales and retail buyers are showing massive support for the project, as it’s the first Bitcoin Layer 2 solution that will leverage Solana’s technology to make BTC truly programmable.
Another major reason behind this overwhelming support is that investors are now betting big on the prospects of an altseason. Even institutions are temporarily scaling back their involvement in Bitcoin ETFs. August saw around $974 million in net outflows from Bitcoin funds, while Ethereum ETFs defied the trend with roughly $2.16 billion in net inflows this month.
This is precisely why seasoned investors have started moving money into fresh plays like Bitcoin Hyper before the altcoin season unfolds. Early buyers have a limited time to buy HYPER for $0.012775 before the price increases in the next presale round.
Bitcoin Weakness Spurs Whale Shift to Altcoin Plays
From a purely technical standpoint, Bitcoin’s price is losing bullish momentum after a bout of natural profit-taking following its all-time high levels.
It’s currently trading just below its near-term exponential moving averages (EMAs), indicating a growing bearish influence over the last few days.
If BTC fails to reclaim the $117,000 zone in the near future, bears will likely attempt to test the $112,000 support before a potential rebound. This short-term weakness is giving whales more reason to rebalance their portfolios toward other opportunities, particularly altcoins.
Crypto tracker Lookonchain reports that a long-time Bitcoin whale, who has held nearly 14,837 BTC (worth roughly $1.7 billion today) since 2017, is now rotating into ETH. The whale sold about 670 BTC ($76 million) and then opened massive long positions worth 68,130 ETH ($295 million) across multiple wallets.
Lookonchain also notes this is the same wallet that originally received Bitcoin from exchanges like HTX and Binance seven years ago, back when BTC was trading around $7,200.
Nonetheless, with “Uptober” around the corner, a seasonal rally could also spark a fresh revival for BTC. In this case, one of the biggest beneficiaries could be altcoins closely tied to Bitcoin’s ecosystem. That’s why investors are now backing Bitcoin Hyper, a Layer-2 project that could help Bitcoin operate at a Solana-level speed.
Analyst Sees 100x Potential as Bitcoin Hyper Presale Raises $11 Million
Bitcoin Hyper is a new Bitcoin Layer 2 that aims to make BTC programmable via its proprietary Layer-2 solution. It aims to achieve this by using Solana’s Virtual Machine (SVM), which combines Bitcoin’s security with Solana’s high-speed execution at a lower cost.
How does it work? Users can simply send their Bitcoin to a special bridge address. The system will then verify the transaction using smart contracts, and once confirmed, the same amount of BTC is minted on Bitcoin Hyper’s Layer-2 network.
This setup could finally unlock smart contracts, NFTs, and DeFi directly on top of Bitcoin. As strategic investors foresee the potential of this idea, they’ve already poured $11 million into the HYPER token presale.
The HYPER token itself will function as the gas token for fees and smart contract execution. Over time, it will also expand into governance and premium ecosystem features, giving it both utility and potential upside as adoption scales.
Umar Khan from 99Bitcoins notes how the HYPER token is gaining investor traction even as Bitcoin itself has been struggling. Khan argues that the timing of the token’s launch could be ideal: If Bitcoin rebounds to new highs, demand for Layer-2 solutions like Hyper could surge massively.
He also highlights whale activity and community growth as further signs of traction, suggesting HYPER could be one of the best candidates to become the next 100x crypto token.
You can visit Bitcoin Hyper’s official website to buy HYPER tokens before their presale sells out. You can then immediately stake your token holdings for an annual reward of up to 100%.
