A newly created wallet withdrew 57,000 HYPE tokens worth $3.36 million from Coinbase, pulling supply off the exchange even as spot netflow turned positive at $3.38 million. HYPE reclaimed $57.10 and traded near $59.59, with derivatives activity expanding alongside the recovery.
A newly created wallet withdrew 57,000 HYPE tokens worth $3.36 million from Coinbase, pulling the tokens away from the exchange's immediately tradable liquidity. The move strengthened HYPE's whale accumulation narrative, even as competing exchange-side flows moved in the opposite direction.
Large withdrawals usually tighten accessible supply when holders keep tokens off centralized venues. However, one wallet alone could not establish a broader accumulation trend without supporting demand elsewhere, and the withdrawal instead delivered a demand signal as HYPE continued its recovery.
Positive netflow offsets the withdrawal
Working against the withdrawal narrative, HYPE posted a spot netflow of positive $3.38 million, meaning more tokens entered exchanges than left them overall. That reading added to potential exchange-side supply available for trading or distribution.
The divergence set up direct competition between the whale's isolated accumulation and the wider exchange flows. Additional whale demand would be needed for the return in liquidity to meaningfully tighten supply.
Derivatives activity expands, shorts absorb pressure
Trading volume in HYPE derivatives rose 18.98% to $1.74 billion. Open interest climbed 0.73% to $2.54 billion. Options volume jumped 174.12% to $2.09 million, and options open interest rose 2.25% to $18.44 million.
Positioning skewed slightly short, with the 24-hour long/short ratio dropping to 0.9689. Yet short liquidations totaled $1.14 million over 24 hours, almost double the $599.76K in long liquidations. Total liquidations reached $1.74 million for the period, pressure that favored buyers despite the short-weighted bias.
Can HYPE extend its recovery toward $62?
HYPE's price recovery strengthened after it defended the $53.67 support region and reclaimed $57.10. It was trading near $59.59 between that support and resistance at $62.48. The day's +DI closed at 24.91 against a -DI of 12.92, though ADX held at 16.04, showing weak momentum behind the trend.
A sustained hold above $57.10 would preserve the recovery structure and keep $62.48 within reach. A break above that level could bring the medium-term $68.00 resistance into focus. Renewed selling, however, could pressure $57.10 again before exposing $53.67.
Source: AMBCrypto
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