HYPE Whale Buying Accelerates As Millions In USDC Move Into Hyperliquid

Large wallets are again buying Hyperliquid’s HYPE token, with nearly $9.7 million in fresh USDC moving into the exchange across two addresses tracked by on-chain monitor Lookonchain.

Lookonchain said address 0x4c64 deposited 7.26 million USDC into Hyperliquid and placed limit orders across multiple wallets to buy HYPE between $30.88 and $35.88. A second wallet, 0x7fA7, deposited 2.43 million USDC into Hyperliquid and then bought 62,230 HYPE worth about $2.43 million.

“Whales are buying HYPE,” Lookonchain wrote, pointing to the two transactions as fresh evidence that larger traders are positioning into the token despite recent price weakness.

The move does not confirm a guaranteed rebound. Limit orders can be changed, partially filled, or cancelled, and wallet ownership is not independently established from the public post alone. Still, the deposits show that large buyers are willing to park liquidity on Hyperliquid and bid for HYPE below recent trading levels.

HYPE Holds Near $39 As Whale Activity Builds

HYPE was recently trading near $38.97 on CoinGecko, down about 2.9% over 24 hours and 9.1% over seven days. CoinGecko placed Hyperliquid’s market cap near $9.29 billion, with roughly $287 million in 24-hour token volume.

The token remains well below its $59.30 all-time high, but its market structure still attracts whale attention because Hyperliquid combines spot trading, perpetual futures, protocol revenue, and a native L1 around the same exchange ecosystem. CoinGecko’s exchange data also showed Hyperliquid spot volume above $130 million over 24 hours, with HYPE/USDC as the most active pair.

The latest buying follows several recent whale accumulation reports. Onchain Lens said on May 6 that a whale deposited 2.1 million USDC into Hyperliquid to increase HYPE holdings, leaving the wallet with 82,772 HYPE worth about $3.6 million at the time. In April, Lookonchain tracked a newly created wallet that deposited 5 million USDC and bought 59,239 HYPE worth about $2.39 million. Other April reports also pointed to a 7.86 million USDC deposit used to buy 200,042 HYPE at an average price near $39.30, alongside another purchase of 50,751 HYPE by trader Cooker.hl.

That pattern suggests whale activity around HYPE has not been isolated to one wallet. Large buyers have repeatedly appeared near the $38 to $42 range, turning the area into a visible accumulation zone.

Whale Bids Meet A Crowded Trading Setup

The HYPE setup is not one-sided. Whale buying can support price when bids absorb sell pressure, but it can also create sharper volatility if large wallets move together or if leveraged traders crowd the same levels.

Hyperliquid’s own market design makes that sensitivity more important. The platform is widely used for on-chain perpetuals, where liquidity, funding, liquidations, and large trader flows can move quickly. A strong spot bid for HYPE can support sentiment, but heavy perp positioning can amplify moves in either direction.

Recent market attention around Hyperliquid has also increased after Bitwise revealed the BHYP ticker for a proposed HYPE-linked ETF product, a development that added another institutional narrative around the token. CryptoAdventure has also followed the broader rise of exchange-native and infrastructure-linked tokens, including Binance Coin’s role across exchange, chain, and ecosystem activity, where token demand is often tied to platform usage and market confidence.

The next confirmation for HYPE will come from execution rather than deposits. If 0x4c64’s limit orders fill and 0x7fA7 keeps holding, buyers may treat the $30.88 to $35.88 range as a deeper whale bid zone and the high-$30s as near-term support. If those bids disappear or HYPE loses the area with rising volume, the latest whale activity will look more like opportunistic positioning than a confirmed accumulation floor.

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