TLDR
- A whale moved $4M in USDC to open a leveraged HYPE short position with a notional value of $20.15 million.
- A second wallet joined the selling pressure by injecting $3M in USDC to establish another short position.
- HYPE’s price remains at $35.64, trading in a consolidation range between $33K and $43K.
High alert in the crypto market has been generated by the recent actions of whales signaling a strong short-term bearish bet, especially against the HYPE token. A wallet identified as 0xbFC8 transferred a total of $4 million in USDC to the Hyperliquid platform in two transactions. These funds served to back a massive short position opened shortly thereafter.
The whale generated a number of short orders totaling 554,542 HYPE at an average price of $35.7965. With this, the position reached a notional value of around $20.15 million, implying the use of 10x leverage. On-chain data shows no signs of hedging or offsetting positions, which underscores the bearish conviction behind this operation.
Adding more tension to the market, another address, 0x5e8054, executed orders following a similar behavioral pattern. This new wallet received $3 million in USDC from an OKX hot wallet, immediately transferring the full amount to Hyperliquid to open another short position shortly after the first whale. The sequence of rapid deposits suggests that the funds were specifically prepared for this operation.
HYPE Holds Range Despite Bearish Pressure
At the time of writing, HYPE was trading at $35.64, up 2.0% in 24 hours, but still down 9.8% over the last week. After falling from a recent high near $48K to a low around $30K, the token has shown signs of recovery, now holding in a trading range between support near $33K and resistance around $43K.
The price structure shifted from forming a “rounded top” to a “rounded bottom,” suggesting a possible trend reversal. However, the significant HYPE short positions opened near current price levels have injected great uncertainty in the short term.
Traders continue to closely monitor whether the price can break past resistance or face further rejection near the $36K–$38K area, with the possibility of massive liquidations being triggered. Uncertainty persists as the market attempts to consolidate a new floor.
