- Hyperliquid price defied the broader negative market trend, hitting a new all-time high.
- HYPE’s current price rally is driven by increased whale activity and rising institutional demand.
- Hyperliquid saw a huge rise in market cap, flipping Dogecoin to secure ninth place.
The price of Hyperliquid showed a massive rally, hitting a new all-time high, despite the broader collapse in the cryptocurrency market. According to the latest reports, the current surge comes amid strong whale activity and increased institutional interest.
The timing of the HYPE cryptocurrency price rise is particularly noteworthy. While many major cryptocurrencies have been trading in the red over the past few months, Hyperliquid has emerged as one of the strongest performers.
As mentioned by experts, this performance is due to the growing optimism surrounding newly launched ETFs and strong inflows into the ecosystem. Strong support and investment from influential figures have also contributed to the current rise in Hyperliquid prices.
Excessive Liquid Prices Rising: HYPE Reaches New ATH
Currently, Hyperliquid price is showing great performance while the broader cryptocurrency market continues to struggle. Top cryptocurrencies, including Bitcoin, Ether, and XRP, remain stuck in negative territory, while HYPE reached a new all-time high of $64.26 earlier today. As of press time, the price is hype The noise1.12%It was marked at $62.52, up 37% in a week and 50% in a month.
What is even more noteworthy is the significant rise in market capitalization. Recently, Hyperliquid flipped the highest memecoin, Dogecoin, by market cap. With a market capitalization of $15.8 billion, HYPE ranked ninth on CoinMarketCap, pushing DOGE to tenth place. This development comes after Solana overturned the excess liquid In the race for FDV, CryptoNewsZ reported.
Arthur Hayes and the traders lead a new whale business
It is worth noting that increased whale activity led to an increase in the price of Hyperliquid. Wallets associated with Arthur Hayes and several other prominent traders have sparked new interest around the token.
On-chain data shows that some large investors are actively buying Hyperliquid crypto. For example, prominent Garrett Jin continues to accumulate HYPE token aggressively. Lookonchain moved to X To reveal that Jin purchased about 145,050 HYPE tokens worth about $9.05 million. He also submitted a TWAP request to gradually acquire an additional 39,940 HYPE worth $2.44 million.
According to Lookonchain data, a wallet linked to BitMEX co-founder Arthur Hayes has been actively trading on HYPE over the past few days. The wallet deposited around 115,000 HYPE tokens to Bybit last day when the cryptocurrency was trading at around $54. The title quickly pulled in over 85,000 HYPE at a much higher price of $62.69. This indicates that traders like Arthur Hayes are anticipating further upside in the HYPE cryptocurrency.
As whale activity continues to rise, speculation is growing of a sustained rise in Hyperliquid prices. But not all whales buy; Some get rid of their possessions. According to a recent update from Lookonchain, some investors are taking profits from the rising prices of Hyperiquid. After HYPE reached the new ATH, an investor sold approximately 151,574 HYPE, worth over $9 million, making huge profits. The trader also placed additional sell orders at higher price levels.
This indicates that traders are now taking positions for the ongoing uptrend and potential short-term pullbacks. The recent selling activity is likely to influence the current price rise of Hyperliquid.
Institutional demand and buybacks support HYPE Crypto Rally
In addition to the rise in whale activity, another major factor contributing to the current rise in Hyperliquid prices is growing institutional demand. In a post by
Asset managers 21Shares and Bitwise have reportedly launched HYPE ETFs, 21Shares Hyperliquid ETF (THYP) and Bitwise Hyperliquid ETF (BHYP). It is worth noting that a staggering $25 million inflows were recorded in a single trading session. With this notable influx, the price of Hyperliquid saw a significant rise, reaching record levels. Bloomberg analyst James Seyfart noted,
“Highly liquid ETFs continue to climb higher in terms of volume and inflows. Total inflows across the two since launch are about $53 million through yesterday. We will have inflow numbers from today sometime tonight.”
Besides Launch of Hyperliquid ETFs and institutional flows, HYPE also benefited from a $1.16 billion daily token buyback program funded through protocol trading fees.
