On August 24, 2025, a significant on-chain activity was observed as a large whale deposited 5.45 million USDC into Hyperliquid, opening leveraged long positions in multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). According to Onchain Lens monitoring, the whale deployed 20x leveraged ETH and 40x leveraged BTC long positions, in addition to 10x leveraged long positions in tokens such as HYPE, LINK, AAVE, and MKR. This move highlights the growing confidence among institutional and high-net-worth investors in the crypto market, particularly in major digital assets and derivatives platforms like Hyperliquid [1].
The whale’s activities align with broader market trends, where large traders continue to rotate their positions across different assets to capitalize on volatility and leverage opportunities. In a related development, a Bitcoin OG whale recently deposited 300 BTC (approximately $34.86 million) into Hyperliquid to swap for ETH, further signaling a strategic shift from Bitcoin to Ethereum. This whale holds a substantial 135,265 ETH long position with an average entry price of $4,295, yielding over $58 million in unrealized profit. Additionally, they have 122,226 ETH in spot holdings, with an average price of $4,377, generating $42 million in unrealized gains. Their total exposure amounts to 257,491 ETH, valued at approximately $1.116 billion [6].
Hyperliquid, a prominent decentralized derivatives platform, has become a key destination for leveraged and spot trading. The platform’s recent performance underscores its growing adoption, with a market capitalization of $16.11 billion and a 24-hour trading volume of $665.67 million. HYPE, the native token of Hyperliquid, has also seen notable price movements, currently trading at $48.23 with a year-to-date increase of 296.08%. The token’s circulating supply is 334 million, with a maximum supply of 1 billion, and its fully diluted valuation stands at $48.24 billion [7].
The whale activity is further supported by Hyperliquid’s ongoing buyback program, which has absorbed over 140,000 HYPE tokens in a single day, contributing to a 21% surge in buyback volume. This buyback strategy, driven by daily trading fees, reinforces the platform’s commitment to reducing circulating supply and supporting long-term holder confidence. Analysts note that at the current rate, it would take approximately 3.72 years to buy back the entire “ready-for-sale” supply of HYPE, illustrating the platform’s capacity to sustain price stability through organic demand mechanics [8].
Technical analysis of HYPE’s price action also presents a bullish outlook. The token has maintained support near the $40 level and is consolidating between $40 and $48, with analysts pointing to a potential breakout toward $52–$54. The AB=CD harmonic pattern, identified by Jesse Peralta, suggests a target price of $54 if the price breaks above $48. This technical setup, combined with strong on-chain activity and institutional trading patterns, supports a constructive outlook for HYPE in the near term [8].
The whale’s continued engagement in leveraged positions and the broader market dynamics highlight the strategic importance of platforms like Hyperliquid in facilitating high-leverage trades and liquidity provision. As the crypto market continues to evolve, such large-scale on-chain activities will play a pivotal role in shaping price trends and investor sentiment, particularly in the context of derivatives and spot trading ecosystems.
Source:
[1] PANews (https://www.panewslab.com/en/articles/8a070b13-ff22-41c4-9b67-7f6ed4ef80a8)
[2] Chaincatcher (https://www.chaincatcher.com/en/article/2199999)
[3] Odaily (https://www.odaily.news/en/newsflash/444823)
[4] PANews (https://www.panewslab.com/en/articles/90f03531-6368-4dbb-92da-e1a288cdb640)
[5] Bitget (https://www.bitget.com/news/detail/12560604927114)
[6] Blockchain.News (https://blockchain.news/flashnews/btc-whale-rotates-300-btc-into-eth-on-hyperliquid)
[7] Coinbase (https://www.coinbase.com/price/hyperliquid)
[8] Brave New Coin (https://bravenewcoin.com/insights/hyperliquid-hype-price-prediction-abcd-pattern-signals-bullish-path-toward-54)
