Key Insights:
- Two large wallets opened $23M HYPE shorts using $7M USDC, signaling strong bearish positioning.
- HYPE trades in recovery range after $48K drop, now testing key levels around $35–38K.
- Traders are watching for breakout or rejection as whale shorts pressure price near mid-range resistance.
A wallet labeled 0xbFC8 moved a total of $4 million USDC to Hyperliquid in two transactions of $2 million each. The funds were sent three to four hours before a series of short positions were opened on HYPE-USD, suggesting the deposits were made to back a leveraged trade.
Roughly two hours after the transfers, the wallet placed short orders totaling 554,542 HYPE at an average price of $35.7965. This gave the position a notional value of around $20.15 million, implying 10x leverage. The orders were spread across seven transactions. The largest was worth 345.24 HYPE, or around $12.36 million, with six smaller orders ranging from 55 to 88 HYPE each.
The timing and size of the trade point to a strong bet against HYPE’s price in the short term. On-chain data shows no sign of hedging or offsetting positions.
New Wallet Sends $3M and Joins the Short Setup
Another address, 0x5e8054, showed similar behavior. This wallet received $3 million USDC from an OKX hot wallet, followed by a transfer of the full amount to Hyperliquid. The funds were bridged about 20 minutes after the USDC arrived and just minutes before short orders were placed.
However, the entry range for this trade was between $35.7 and $36.7, aligning with the current market. The wallet also received 0.01 ETH shortly before moving the USDC, likely to cover network fees. The quick sequence suggests the wallet was funded and deployed for this specific trade.
The short of this second wallet came soon after the first whale’s $20M position, creating back-to-back sell-side pressure within a tight range.
HYPE Price Holds Mid-Range After Bounce from Lows
At the time of reporting, HYPE was priced at $35.64, up 2.0% in 24 hours but still down 9.8% over the last 7 days. The token fell from a recent high near $48K to a low around $30K. Since then, it has shown signs of recovery, now trading between support near $33K and resistance around $43K.
Meanwhile, the price structure has shifted from a rounded top to a rounded bottom. A potential breakout may occur if HYPE holds above mid-range levels around $37.5K. For now, the market remains in a range, with lower timeframes showing active repositioning.
Traders Monitor Short Pressure and Key Price Levels
Technical charts show potential for upside, but whale positions near current levels raise short-term uncertainty. A trader tracking the setup said, “There is a good accumulation and strong manipulation within the range.” The comment reflects the view that large players may be influencing price during this phase.
With multiple high-value short positions opening near the same zone, traders are watching for signs of reversal or liquidation. The coming sessions may test whether price can push past resistance or face further rejection near the $36–$38K area.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/crypto-whale-shorts-hype-with-4m-usdc/