$HYPE Nears Previous ATH with Whale Buying Activity

Hyperliquid's [$HYPE] traders are increasingly bullish as the platform nears its previous All-Time High (ATH). According to Alphractal, despite growing regulatory concerns and pulled liquidity, $HYPE has continued to climb on the charts. Whale data shows buying activity through fear, while retail investors remain cautious.

The market's reaction to pressure is noteworthy, with funding slowing down but leverage being more balanced. This balance is reflected in the Open Interest (OI) rebuilding, which adds weight to the rally. Furthermore, $HYPE's market cap has surpassed $14.9 billion, placing it among the top 10 cryptocurrencies.

The platform's ecosystem growth has accelerated with recent developments. The listing of 21Shares' THYP ETF on Nasdaq generated $1.8 million in day-one volume, followed by Bitwise's BHYP, which opened with $4.31 million. Coinbase's integration as Hyperliquid's USDC treasury deployer could route $135-160 million annually towards $HYPE buybacks.

The momentum still favors the bulls, with $HYPE having climbed to around $59.7 and moving back above its previous resistance zone after a multi-week rally. The daily Relative Strength Index (RSI) is near 79, indicating buyers are still in control of the trend despite some overheating.