Whales are back to buying Hyperliquid, awaiting another HYPE breakout

Whales are back to buying Hyperliquid’s HYPE token, awaiting a breakout as the token hovers close to its higher range. At least three whale wallets were spotted taking HYPE positions in recent days. 

Attention for Hyperliquid is increasing, as three more whale wallets accumulated HYPE. The token recovered to $34.88, still within a small rally to its all-time peak. 

Two whales allocated a total of $3.5M to acquire HYPE above $35. The buying happened on-chain, raising demand for spot HYPE. The whales acquired HYPE in a series of spot purchases. The third whale placed a limit buy order at $24.95, betting on a potential correction. 

According to Nansen, the whales are generally high-balance traders, with previous records of meme token buying. Most of their other balances are relatively small compared to their HYPE positions. The whales were not active on the derivative market, only buying spot HYPE. One of the buyers with over 224.2M HYPE was ranked 81st based on his whale-sized holdings.

HYPE still traded near its three-month high, as the perpetual futures DEX continued to build its influence. The whale buying coincided with a small expansion of open interest to $1.39B. The open interest on HYPE trends toward long positions, at over 53% of all trades. 

The native HYPE token is used for rewards and liquidity, but recently also gained a position as a meme token. HYPE also expects some irrational buying and enthusiasm, in place of other memes. The token has relatively small insider holdings and is not threatened by selling pressure from VC backers.

The token gains attention from the role of Hyperliquid in the crypto ecosystem. Public whale positions and trades, completely transparent with on-chain execution, are actually signaling the available liquidity on the DEX. 

HYPE expected to benefit from Hyperliquid growth

One of the narratives for HYPE is that it would peak and crash. Hyperliquid achieved peak volumes and liquidity in May, coinciding with the token’s price records. In June, the question remains whether Hyperliquid can retain its growth pace or face a setback. 

Hyperliquid searches on Google slowed down, though HYPE saw a small uptick in interest.

Additionally, Hyperliquid lost some of its stablecoin liquidity. Since the peak 2.9B USDC in May, the available liquidity is down to $2.72B. In June to date, the DEX carried $45B in volumes, following the peak of over $248B in May. 

Hyperliquid is still gaining on Binance, currently making up around 45% of the spot volume on the leading centralized exchange. 

James Wynn still posts Hyperliquid positions

The risky trader James Wynn still posts his high-leverage positions, though this time, posting a much smaller collateral. Previously, Wynn had been liquidated for $100M, but has currently switched to positions in the hundreds of dollars, mostly serving as engagement bait. 

Update:

My $468.62 short position is in the hole approx $78.07c.
#PrayForJamesWynn

This is all I have. https://t.co/FVsrXVXmRh pic.twitter.com/F6RnTjaUJR

— James Wynn (@JamesWynnReal) June 8, 2025

Previously, Wynn also explained that Hyperliquid was not paying or offering any rewards for his trading moves, despite the fact that they drew more attention to the DEX. Wynn admitted he only received around $34,000 from referrals.

Currently, Wynn is still bullish on BTC, expecting a big breakout, while also promoting the Moonpig meme token. 

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