Spot Buyers Absorb $22.9M Whale Liquidation
On March 25, the HYPE token defied significant selling pressure after a single whale wallet, identified as High Stakes Capital, liquidated its entire position. The sale released 602,421 HYPE tokens, valued at $22.93 million, into circulation. In a show of market strength, HYPE absorbed the massive sell order and rallied roughly 8%, climbing above the $40 mark instead of crashing.
Exchange Outflows Signal $1.59M in Accumulation
The token's resilience was driven by strong demand from spot buyers. On-chain data confirmed this trend, with spot exchange netflows remaining negative. This indicates that more HYPE tokens were leaving exchanges than entering them—a classic sign of accumulation. Outflows totaled $1.59 million over the 24-hour period, reinforcing the bullish sentiment. This activity marks a decisive reversal from the previous two weeks, which saw combined net selling inflows of $1.78 million.
Platform Growth Supports Bullish Outlook
HYPE's strong performance is underpinned by the fundamental growth of the Hyperliquid protocol. The platform has seen soaring user activity, recently hitting a record $1.43 billion in open interest and generating fees that put it on track for an annualized revenue of approximately $1 billion. This robust revenue stream fuels token buybacks and burns, reducing circulating supply and supporting the token's value. The market's ability to absorb a multi-million-dollar liquidation suggests traders are confident in the ecosystem's long-term trajectory, a view echoed by influential figures who have set price targets as high as $150.
