- HyperLiquid’s Total Value Locked (TVL) surged by 337% Year-to-Date (YTD), while Futures Open Interest saw a decline of 5.76%, indicating reduced leverage exposure.
- Spot volume indicated “Overheating,” signaling short-term exhaustion amidst increased retail and bot participation.
On the 13th of June, a crypto whale made a significant deposit of $8.7 million in USDC to HyperLiquid [HYPE], purchasing 77,353 HYPE tokens for $3 million at $38.68 each.
Furthermore, they staked 799,698 HYPE tokens valued at $30.77 million, taking their total exposure above $33 million.
This move by the whale indicates a strong commitment to the market.
The timing of this allocation was strategic, coinciding with HYPE retesting its ascending trendline after facing rejection at $44.10.
Despite a 5.54% intraday decline at the time of writing, the whale’s bold investment suggests that major market players are not deterred by short-term fluctuations.
Reasons behind HYPE’s growth
HyperLiquid EVM has experienced rapid adoption, with its Total Value Locked (TVL) skyrocketing from $400 million to $1.7 billion since the beginning of 2025—a remarkable 337% increase year-to-date.
This surge can be attributed to ecosystem primitives such as auctions, builder codes, and Hypercore composability. The demand for HYPE has intensified as more protocols leverage these financial primitives.
Despite a brief price dip, the expanding utility and liquidity of the HyperLiquid ecosystem continue to support bullish fundamentals. The recent whale accumulation further validates this bullish sentiment within the broader on-chain context.
However, despite the growth of HyperLiquid’s ecosystem and the increasing interest from whales, Open Interest has decreased by 5.76% to $1.78 billion.
This decline suggests that traders are scaling back on leverage exposure, possibly locking in profits or preparing for higher volatility.
Lower Open Interest typically reduces market instability, but it may also indicate waning speculative interest.
Can HYPE maintain its trendline support post $44 setback?
After a strong rally since April, HYPE encountered resistance at the $44.10 level. The altcoin is now hovering just above a key ascending trendline, currently around the $37–$38 range.
This zone could act as a support in the short term, as Parabolic SAR dots are still below the price, indicating that the trend remains intact. However, a daily close below this dynamic support could invalidate the rally structure.
Bulls will need to defend this zone convincingly to sustain the uptrend and potentially revisit recent highs.
Is the overheating volume a signal of euphoria or exhaustion?
According to the Bubble Map, HYPE’s spot volume is categorized as “Overheating.” While high volume indicates strong participation, a rapid spike in volume often signals exhaustion.
The key takeaway is that a pullback could be a healthy consolidation if HYPE maintains support above the trendline. Failure to do so could lead to sharper reversals, especially alongside declining Open Interest.
Could liquidation clusters above $44 trigger a bullish breakout?
The Liquidation Heatmap indicates a concentration of short positions above the $44.10 resistance zone, suggesting a potential squeeze setup.
If bulls manage to reclaim this level with robust volume, cascading liquidations could spark a significant upward move. However, breaking through overhead supply is crucial for activating these short traps.
Traders are closely monitoring any sustained breakout above $44, which could lead to the unwinding of short positions and fuel HYPE’s next upward move.
Factors that could reignite HYPE’s rally
HYPE’s retreat from $44 aligns with a broader cooling trend in derivatives markets, yet strong fundamentals and whale confidence persist.
The 337% surge in HyperLiquid’s TVL and the substantial whale exposure of $33 million underscore a robust long-term belief in the project.
While technical indicators suggest potential support at current levels, traders are awaiting renewed volume and a breakout above $44 to confirm an upward trend.
A sustained breakout above $44 could trigger short liquidations and leverage the rising ecosystem traction to propel HYPE to new highs.
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