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A crypto whale controlling the address 0xEe0A18B394ecE1D7bE81Be15d6cEc3Ac7707b71C has withdrawn 72,264 HYPE from Gate.io, a transfer valued at roughly $30.6 million at recent prices. The move increases the wallet’s total holdings to 396,820 HYPE, worth about $168 million, as spot buyers contend with crowded leveraged shorts around the $40 support zone.
On-chain monitors have flagged the address as one of the most aggressive accumulators of Hyperliquid’s native token during periods of market stress. After the latest Gate.io withdrawal, the wallet now holds 396,820 HYPE (approximately $168 million), tightening available liquid supply.
Earlier in March, PANews reported that the same wallet, labeled “0xee0,” pulled 55,000 HYPE worth about $2.1 million from Gate.io. At that time, its stash was reported at 194,557 HYPE, valued near $7.44 million. A separate Phemex report also said a newly created wallet tied to “0xee0” had already withdrawn 139,557 HYPE—then worth about $5.49 million—from Gate.io, indicating the position scaled quickly.
The accumulation comes as HYPE has traded in the $40 area following a rebound from a February low near $28, where large buyers—including trader Arthur Hayes—reportedly stepped in to defend key support. On April 14, KuCoin reported HYPE rose 4.61% to $44.38, with 24-hour volume of roughly $454 million, amid spot ETF-related filings from Bitwise, Grayscale, and 21Shares that added speculative flow.
Derivatives data cited by on-chain analysts points to whales expressing directional views through leverage. On April 22, a BlockBeats-linked analyst highlighted whale address 0xec8 opening a 5x leveraged HYPE short with an average entry of $40.04. The position was reported at about $3.38 million, with liquidation near $46.60. The same reporting also referenced another whale at 0x4a8 hovering just below its liquidation line if HYPE moved to $41.60.
Separately, trader Loracle disclosed via OnchainLens a $14 million HYPE short with 5x leverage initiated around $41.02, underscoring a crowded setup between leveraged bears and spot accumulators.
Broader on-chain commentary suggests that, despite sizable short positions, large holders are net adding to longs on the Hyperliquid DEX. AMBCrypto said the activity “signals a strong bullish sentiment among whales trading on perp DEXs” as they look toward a potential move toward $50 if $40 holds as support.
Additional coverage of Hyperliquid’s whale-led defense of the $28 area pointed to rising open interest and a tightening free float, factors that can amplify volatility as positions approach critical liquidation thresholds.
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