Hyperliquid (HYPE) has pulled back around 7% as Bitcoin, Ethereum, and most altcoins entered a risk-off phase. More than $660 million in liquidations swept through crypto markets, pushing many tokens lower.
Despite the sell-off, on-chain data tells a different story for HYPE. Large investors have been actively buying during the dip rather than stepping back.
On-chain analytics platform Lookonchain flagged two major moves. A newly created wallet withdrew 278,827 HYPE worth $17.45 million from Coinbase Prime. Separately, whale wallet 0x2386 pulled 96,930 HYPE worth $6.01 million from BitGo after a one-month break.
Whales are accumulating $HYPE!
A newly created wallet, 0x987f, withdrew 278,827 $HYPE ($17.45M) from Coinbase Prime 1 hour ago.
Meanwhile, whale 0x2386 withdrew another 96,930 $HYPE($6.01M) from #BitGo after a one-month break.https://t.co/u2NjhOkA5Thttps://t.co/zYh9aDS5Q8 pic.twitter.com/H7E8oYQqIw
— Lookonchain (@lookonchain) June 24, 2026
That alone puts whale accumulation during the dip at over $23 million.
A wallet linked to BitMEX co-founder Arthur Hayes also made a move. It withdrew an additional 44,156 HYPE worth close to $3 million from an exchange.
The wallet(0xf7A4) linked to Arthur Hayes(@CryptoHayes) withdrew another 44,156 $HYPE($2.93M) from #Gate 1 hour ago.
Over the past 2 weeks, the wallet has completed two profitable $HYPE swing trades, making a $508K profit.https://t.co/1vgJya61im pic.twitter.com/9TUWQviCyj
— Lookonchain (@lookonchain) June 23, 2026
The wallet had already made several profitable HYPE trades in recent weeks before this latest re-entry. It’s drawing attention because it suggests experienced market participants still see value at current prices.
A separate whale withdrew 60,392 HYPE worth roughly $4.18 million from Gate, with that address now holding over 457,000 HYPE valued at more than $31 million.
HYPE had been one of the stronger-performing altcoins in recent weeks, rallying toward the $78–$80 zone. That strength made it a target for profit-taking once broader sentiment turned.
The token is now testing support between $58 and $60, a level that lines up with previous breakout zones and the 50-day EMA at $58.94.
Derivatives metrics still lean bullish. The long-to-short ratio on CoinGlass sat at 1.03, meaning more traders are positioned for upside than downside.
Funding rates have also turned positive, reading 0.0042%, which means longs are paying shorts — a sign of bullish positioning.
However, not all signals are green. Social dominance for HYPE has been trending down since June 17, sitting at 0.175%. Spot ETF inflows have also gone quiet this week, pointing to softer institutional interest.
CryptoQuant data shows retail participation picked up after HYPE hit its record high of $76.90 last week. Both spot and futures markets are showing signs of overheating, which could limit how quickly HYPE recovers.
If buyers hold $58–$60 and market conditions improve, the next resistance is around $70. Clearing that would put the $75–$80 zone back in range.
Hyperliquid’s RSI sits around 53 on the daily chart — neutral territory — while the MACD remains slightly negative.
The 200-day EMA at $44.68 represents a deeper support level if the current floor breaks.
The post Hyperliquid (HYPE) Price: Whales are Buying the Dip — Is $80 Still on the Table? appeared first on CoinCentral.
