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HYPE Whales Withdraw $23 Million From Exchanges Near $60 Support

HYPE Whales Withdraw $23 Million From Exchanges – Accumulation Concentrates Supply Near Key $60 Support

Key Takeaways

• Two large wallets withdrew more than 375,000 HYPE worth over $23 million from Coinbase Prime and BitGo.
• The tokens were moved into private custody rather than transferred to other exchanges.
• Retail activity remained limited despite increased whale accumulation.
• HYPE traded above a key support confluence near $60, with resistance levels at $66.88 and $73.64.
• Liquidation data showed dense liquidity clusters between $63.5 and $66.

Large Wallets Remove 375,000 HYPE From Centralized Platforms

Two large holders significantly increased their exposure to Hyperliquid’s HYPE token as the asset traded close to a major technical support area. According to blockchain tracking data cited by Lookonchain, a newly created wallet withdrew 278,827 HYPE, valued at approximately $17.45 million, from Coinbase Prime.

Shortly afterward, wallet address 0x2386, which had been inactive for roughly one month, removed an additional 96,930 HYPE worth about $6.01 million from BitGo. Together, the two transactions totaled more than 375,000 HYPE, representing over $23 million in withdrawals from centralized custodial platforms.

Both wallets transferred the tokens into private custody. The assets were not moved to other exchanges, which effectively reduced the immediately available trading supply on centralized venues at the time of the transactions.

Retail Participation Remains Limited Despite Whale Activity

While large holders increased their positions, retail trading activity remained subdued. The Trading Frequency metric referenced in the data signaled “Few Retail,” indicating that smaller market participants had not entered the market in large numbers.

This divergence highlights that recent positioning in HYPE has been driven primarily by a relatively small number of larger investors. The structure differs from rallies characterized by broad speculative participation. Instead, the available data shows accumulation concentrated among large wallets while overall retail engagement stayed muted.

The lack of strong retail inflows also suggests that market activity has not reached widespread speculative intensity. In the latest trading sessions, whale transactions appeared to be the dominant factor influencing short term sentiment around HYPE.

HYPE Holds Above $60 Support Within Cup And Handle Structure

At the time of reporting, HYPE was trading above a critical technical zone near $60 after retreating from a recent high close to $76. The daily chart showed a developing cup and handle formation, with the handle forming during the most recent correction.

The $60 area represented a confluence of support. It marked the intersection of the cup and handle neckline and an ascending trendline that has supported the uptrend since mid May. Maintaining this level has been central to preserving the broader chart structure.

Momentum indicators showed some cooling. The Relative Strength Index declined to 48.7, falling below the neutral 50 level and under its moving average near 55.2. This shift reflected reduced buying pressure during the pullback. However, as long as price action remains above the support confluence, the overall formation remains technically intact.

Immediate resistance stood at $66.88. A move beyond that level would expose the next resistance near $73.64. Conversely, a sustained break below the $60 support zone would weaken the current bullish structure.

Liquidation Heatmap Shows Dense Clusters Above Current Price

Derivatives market data added another layer to the current setup. The Binance Liquidation Heatmap indicated a concentration of liquidation liquidity directly above the prevailing market price.

The first significant cluster appeared between approximately $63.5 and $64.5. A larger concentration was visible around the $66 region, closely aligning with the $66.88 resistance level identified on the daily chart.

Such liquidity pockets often represent areas where leveraged short positions are concentrated. If price moves upward into these zones, short liquidations can occur, potentially accelerating volatility. The visible imbalance between overhead liquidity and nearby downside liquidity placed additional focus on the $64 and $66 levels as short term reference points.

Our Assessment

Available on chain and market data show that more than $23 million worth of HYPE was withdrawn from Coinbase Prime and BitGo into private wallets while the token traded near a major support level around $60. Retail participation remained limited, with whale transactions driving recent positioning. Technically, HYPE continues to hold above a key confluence within a cup and handle formation, while liquidation data highlights concentrated liquidity between $63.5 and $66. Together, these factors define the current market structure and the levels most closely monitored by participants.