According to on-chain data, a large holder's recent activity on HyperLiquid has attracted attention. This whale has been steadily depositing 12.06 million USDC onto the platform since mid-December to continuously increase their HYPE token holdings.

Specifically, the whale bought nearly 480,000 HYPE tokens within the price range of $25.07 — a substantial amount. Looking at the deposit pattern, it wasn't a one-time large purchase but rather a phased entry, which usually indicates careful planning by a major player.

As for the underlying logic behind this operation, there are two main possibilities: either they are optimistic about HYPE's future performance, or they are actively bottom-fishing at a certain price point. In any case, such large-scale capital flows often reflect the true sentiment of market participants — especially during periods of active derivatives trading.