Hype Around Hyperliquid Surges Amid Growing Whales' Accumulation

Hyperliquid (HYPE) has been one of the top-performing tokens in the past month, defying the broader crypto market's underperformance. On June 16th, HYPE reached a fresh all-time high of $76.95, with its year-to-date return reaching approximately 179.45%. The token's recent surge can be attributed to renewed interest from whales, who have resumed accumulation after a quieter period.

According to on-chain data from Lens, two notable purchases were made by a whale labelled Garrett Jin, acquiring 71,092 HYPE worth around $5.06 million, and an unidentified whale buying 50,000 HYPE worth $3.58 million while holding a balance of roughly 200,000 HYPE worth $14.33 million at the time.

Lens data also shows that Garrett Jin still has a time-weighted average price (TWAP) order running, meaning he is set to continue buying HYPE in increments over a defined period. Whale accumulation tends to strengthen an asset's outlook as it often signals that more upside remains, with large holders typically chasing these gains.

Retain traders have been the primary force behind HYPE's recent rally, particularly as the token pushed into all-time-high territory. This is evident from the whales-retail delta, a metric that tracks which cohort is steering an asset in either direction. A negative reading indicates retail investors hold control, and they have led since June 9th with a delta of -0.095 as of writing.

Spot-flow analysis points to heavy selling over the past ten days, with net flow reaching $55.51 million in net sales. This indicates that selling has outweighed buying across the period. However, liquidation-heatmap analysis suggests HYPE still has upside left to capture based on cluster levels. The upside cluster currently extends as far as $79, meaning unfilled orders rest at that level, and price could trade toward it as it has done historically.