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HYPE drops 11% – Can whale demand flip the $55 support?
HYPE fell 11% from its ATH as the DEX sector cooled. Yet a whale loaded $93M in longs and a Hayes-linked wallet re-entered. The $55 neckline decides the trend.
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Hyperliquid's HYPE token slid 11% over the past week, retreating from its all-time high of $77. The pullback mirrors a broader cooling in the DEX sector. Tokens like AsterDEX (ASTER) and Lighter (LIT) also declined in the same period.
Whale activity tells a different story. One address loaded the largest in-chain long position on HYPE, according to Whale Factor data. That whale holds $93 million in HYPE after leveraging the account 4x and is sitting on an unrealized profit of $39.7 million.
A wallet linked to BitMEX co-founder Arthur Hayes also re-entered, withdrawing 44,156 HYPE worth $2.93 million from Gate. Over the past two weeks that wallet has booked $503,000 in profit from two trades, though Hayes has denied the wallet belongs to him.
The whale accumulation stands apart from the sector-wide weakness. Over the past month, HYPE gained 3.75% and LIT rose 20.77%, while ASTER lost 9.70%. The divergence suggests HYPE's recent strength came from token-specific demand, not just sector momentum. Some traders argue HYPE has no direct competitors in the DEX space, which may explain the concentrated whale interest even as the sector cools.