The giant whale that was dormant for two years awakens: bought HYPE with 2.64 million USDC, and plans to continue increasing the position

According to the latest news, a whale that had been dormant on-chain for two years suddenly reappeared, depositing 2.64 million USDC into HyperLiquid for the first time and purchasing 59,976 HYPE tokens at a price of $1.54 million. More notably, this whale still holds 1.09 million USDC and has placed orders to continue buying. What does this signal imply?

Interpretation of Whale Behavior

First move after two years of silence

The appearance of this whale itself is noteworthy. Suddenly becoming active after two years of dormancy usually indicates that the holder is brewing a new strategy. Judging by the scale of the deposit of 2.64 million USDC, this is not a small exploratory operation but a serious layout.

What are the key details? The whale not only completed an initial purchase but also retained 1.09 million USDC as ammunition and actively placed orders to buy more. This suggests:

• A clear bullish outlook on HYPE tokens
• A plan to accumulate gradually rather than a one-time all-in
• Expectations of better prices or more opportunities ahead

Increasing Attraction of HYPE Tokens

How is HYPE performing in the current market? According to data, HYPE’s current price is $25.33, with a market cap of $860 million, ranking 13th in the cryptocurrency market cap list.

Recent price trends show an interesting phenomenon:

In the short term, it appears to be declining, but this is actually a good opportunity for big players to accumulate. HYPE was only listed for trading on July 15, 2024, and currently only about 35.29% of the total supply is circulating. For a dormant whale, entering an emerging token during a relatively subdued period amplifies both risks and opportunities.

Active Signals in the HyperLiquid Ecosystem

The whale’s appearance is not an isolated event. According to recent reports, large transactions on the HyperLiquid platform have been frequent in the past few days:

• On January 8, a whale deposited 5 million USDC, opened a BTC long position with 3x leverage, and bought 180,004 HYPE tokens
• On January 7, multiple whales conducted multi-million dollar operations on the platform, including high-leverage trades
• 24-hour trading volume reached $187.86 million

What does this indicate? As a derivatives trading platform, HyperLiquid is attracting increasing attention from large traders. The whales are not only trading but also actively buying HYPE tokens themselves. This may reflect confidence in the platform’s long-term development.

Short-term Market Impact

Data shows that this purchase has already had some impact. The $1.54 million buy accounts for about 0.8% of the 24-hour trading volume of $187.86 million. While not enormous, considering it’s a single large trader operation, its support for the price is evident.

More importantly, from a psychological perspective, a whale that has been dormant for two years suddenly making a move often triggers market attention. If this whale continues to buy the remaining 1.09 million USDC as planned, there could be another round of price support in the future.

Summary

A whale that had been silent for two years suddenly awakens and chooses to make a large-scale layout of HYPE during a relatively subdued period. This signal warrants attention. Coupled with the recent increase in activity on the HyperLiquid platform and frequent operations by multiple large traders, it indicates that both HYPE and the HyperLiquid ecosystem are entering a new cycle of focus. The whale still has plans to buy an additional 1.09 million USDC, and the subsequent trend remains worth monitoring.