A crypto whale has significantly increased its exposure to HYPE, pulling a large amount off exchanges as market tensions build around key price levels.
Summary
Whale address 0xEe0…b71C withdrew 72,264 HYPE from Gate.io, worth करीब $30.6 million.
Total holdings now stand at 396,820 HYPE, valued near $168 million.
The move comes amid a clash between spot buyers and heavily leveraged short positions around the $40 support zone.
The withdrawal tightens the liquid supply of HYPE, as tokens moved off exchanges are typically less likely to be sold immediately. On-chain trackers have identified this wallet as one of the most aggressive accumulators of the token in recent weeks, especially during volatile market phases.
Whale accumulation vs leveraged shorts
This latest buy adds to a broader accumulation trend. The same wallet had previously withdrawn tens of thousands of HYPE in March, steadily scaling its position during price dips—suggesting strong conviction in the asset’s long-term potential.
At the same time, derivatives data shows a crowded short trade building up. Several large traders have opened leveraged bearish positions around the $40 level, creating a high-stakes setup where price movement in either direction could trigger liquidations.
Market setup
HYPE has been trading around the $40 range after rebounding from lows near $28. Increased activity tied to ETF-related speculation and rising open interest has added to volatility.
Despite the presence of large short positions, on-chain data indicates whales are net buyers, particularly on decentralized perpetual exchanges. This divergence between spot accumulation and leveraged shorts suggests a potential squeeze scenario if the $40 support holds.
Bottom line
The market is currently at a critical juncture:
Continued whale accumulation could push prices higher
Heavy short positioning raises the risk of rapid upside moves
If support holds, analysts believe HYPE could attempt a move toward the $50 level, with volatility likely to remain elevated in the near term.
