Whale Continues Building HYPE Position: Invested $12.06 million over 24 days, what signal does this send

A certain whale has been continuously injecting funds into Hyperliquid over the past 24 days, accumulating a total of $12.06 million USDC and purchasing nearly 480,000 HYPE tokens. This is a significant large-scale accumulation behavior worth noting. During the market adjustment period six months after HYPE’s launch, what does the whale’s ongoing accumulation signify?

The Whale’s 24-Day Accumulation Plan

According to on-chain data monitoring, address 0x23Af…E2C0 has been steadily depositing funds into Hyperliquid since December 17, 2025. The latest transaction was on January 10, involving a $1 million USDC deposit, marking just the latest step in its grand accumulation plan.

Scale and Pace of Accumulation

This continuous, phased accumulation approach indicates that the whale is not acting impulsively but is executing a strategic plan. Even while currently at an unrealized loss, the whale continues to buy more, which generally suggests confidence in HYPE’s future price appreciation.

HYPE’s Market Position and Platform Ecosystem

As the native token of Hyperliquid, which launched in July 2024, HYPE has become a focal point in the market. How is its current market performance?

Token and Platform Status

HYPE’s current market cap is $828 million, ranking 15th in the cryptocurrency market cap list. The circulating supply is 339,347,639 tokens, with a total supply of 961,671,488 tokens, and a circulation rate of 35.29%.

In terms of price movement, HYPE has decreased by 5.61% in the past 24 hours, 0.82% over 7 days, and 14.45% over 30 days. It faces short-term pressure but no signs of extreme downward trend.

Compared to the token’s performance, Hyperliquid’s trading ecosystem appears more robust. According to the latest data, Hyperliquid’s trading volume over the past 24 hours reached $7.54 billion, ranking first among Perp DEXs. Its TVL stands at $4.33 billion, with open interest at $9.07 billion. This indicates strong trading activity and a solid user base.

Deeper Logic Behind the Whale’s Accumulation

Why Accumulate at This Time

The whale’s ongoing accumulation may be based on several considerations:

• Platform Ecosystem Maturity: Hyperliquid has become a leading derivatives trading platform, with stable growth in trading volume and TVL, supporting the long-term value of HYPE
• Price at Relative Low: From historical highs, the current price is relatively low, making it a good entry point
• Market Awareness Increasing: As platform users and trading volume grow, demand for HYPE may continue to rise
• Token Unlocks and Supply Stability: With only 35.29% circulating supply, future unlocks may exert pressure, but current holdings are relatively scarce

Comparison with Other Whales

According to relevant information, other major whales are also active on Hyperliquid. For example, the “BTC OG Insider Whale” holds over $700 million in long positions, and “Strategy Opponent” engages in high-leverage inverse trades. The whale accumulating HYPE on a derivatives platform reflects confidence in the platform’s ecosystem.

What to Watch for Next

The whale’s accumulation behavior offers several insights for market participants:

• Can the Price Break Through the Cost Basis? Currently at a loss, HYPE needs to rise above $25 to realize gains for the whale. This price level warrants attention.
• Will Accumulation Continue? If the whale keeps buying, it signals ongoing bullish sentiment; if it stops or reduces holdings, reassessment is needed.
• Changes in Platform Trading Volume: Whether Hyperliquid can sustain trading activity will directly impact HYPE’s long-term value.

Summary

A certain whale has invested $12.06 million over 24 days to continuously accumulate HYPE, signaling a clear bullish outlook. Despite being at an unrealized loss, the whale’s persistent buying indicates confidence in Hyperliquid’s ecosystem and the long-term value of HYPE. As the native token of a leading derivatives trading platform, HYPE’s value is closely tied to the platform’s trading volume and ecosystem development. The key going forward is whether the whale will continue to accumulate and if HYPE can break through its cost basis. For market participants, this pattern of large-scale, sustained accumulation itself serves as a valuable indicator of market sentiment.