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Hyperliquid’s token HYPE has been among the strongest-performing cryptocurrencies over the past month, even as the broader crypto market continues to lag.
On June 16, HYPE set a new all-time high at $76.95, lifting its year-to-date return to roughly 179.45%. The rally has coincided with renewed whale activity, with large holders resuming accumulation after a quieter period.
Two of the most notable purchases were reported from a whale labeled Garrett Jin, which bought 71,092 HYPE for about $5.06 million. Another unidentified whale reportedly purchased 50,000 HYPE for about $3.58 million, and held a balance of roughly 200,000 HYPE worth $14.33 million at the time.
Retail traders have been a key driver of HYPE’s recent move higher, particularly as the token pushed into all-time-high territory. This is reflected in the whales-retail delta, a metric used to gauge which cohort is steering an asset in either direction.
As of writing, the whales-retail delta was -0.095, indicating retail investors held control. The metric has been negative since June 9, suggesting retail has led during the period leading up to the new high.
Meanwhile, whales had been trimming their exposure before the latest re-entry. If whale buying continues, it could provide additional support, as large holders typically maintain positions longer than retail traders, who may be more prone to faster sell-offs.
Spot-flow analysis points to heavy selling over the past ten days—the same window in which retail appears to have taken control while whales reduced holdings. Net flow has reached $55.51 million in net sales, indicating that selling outweighed buying across the period.
Liquidation-heatmap analysis indicates HYPE may still have upside potential based on the location of cluster levels—price zones where unfilled liquidity orders sit above and below the current price.
The upside cluster extends as far as $79, meaning unfilled orders are positioned at that level and could act as a magnet for price. Historically, price has tended to move toward such clusters.
Downside potential remains, but the clusters below are described as less dense. A thinner concentration of orders suggests those levels may exert only a limited pull on price.
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