ambcrypto.com 
Hyperliquid [$HYPE] has remained one of the market’s strongest performers this year. Despite broader weakness, the token continued attracting fresh capital.
On the 4th of June, the crypto market fell 3.85%, while $HYPE slipped 2.90%. Even so, whales appeared to use the dip to accumulate millions of dollars worth of tokens.
Why are $HYPE whales buying the dip?
Data from Onchain Lens showed that a newly created wallet, 0x193, withdrew 180,000 $HYPE worth $13.40 million from Coinbase.
Source: X
At the same time, three additional wallets, potentially linked to one entity, withdrew 557,406 $HYPE worth $41.53 million from Kraken and moved the tokens into staking.
These transactions suggested that large holders continued accumulating $HYPE despite weaker market conditions.
The trend extended beyond new wallets. According to Nansen, the top 100 $HYPE addresses increased their holdings by 1.36% over the past 24 hours. Smart Money holdings also rose by 12.07% during the same period.
Source: Nansen
That accumulation trend may help explain why $HYPE has maintained its broader uptrend while several major cryptocurrencies struggled to recover.
At press time, $HYPE traded at $69.30 after falling 2.90% over the previous 24 hours. Trading Volume declined 14% to $1.44 billion, pointing to slower activity despite continued accumulation.
Can $HYPE avoid a deeper pullback?
According to TradingView, Hyperliquid [$HYPE] has spent the last five trading sessions consolidating between $68.08 and $75.76, near its all-time high.
As the token approached the lower boundary of that range, downside risk increased alongside broader market weakness.
Source: TradingView
Based on current price action, a daily close below $68.08 could trigger a breakdown from the consolidation zone. If that happens, $HYPE could fall toward $55, representing a potential decline of nearly 20%.
On the other hand, a daily close above $76 could invalidate the bearish setup and reopen the path higher.
Even so, the broader trend remained intact. The Average Directional Index (ADX) climbed to 42.82, while $HYPE continued trading above its 200-day Exponential Moving Average (EMA).
What are Hyperliquid traders betting on?
Derivatives data suggested traders leaned slightly bearish.
According to CoinGlass, Hyperliquid’s Long/Short Ratio fell to 0.9877, indicating a modest preference for short positions. Meanwhile, $68.03 and $71.63 emerged as the key liquidation levels.
Source: CoinGlass
Traders had built roughly $5.34 million in long positions around $68.03. Short positions totaled $12.95 million near $71.63.
That imbalance suggested bearish conviction remained stronger in the derivatives market, even as whales continued accumulating on-chain.
Final Summary
- Whales withdrew over $55 million worth of $HYPE, showing accumulation continued despite the broader market sell-off.
- A daily close below $68.08 could end $HYPE’s consolidation phase and expose the token to deeper losses.
