Whale of a Tale: $96M HYPE Long Refuses to Blubber as DEX Sector Slips 11% 🐳

Hyperliquid's HYPE token was down about 4% over the past 24 hours and 11% on the week after reaching an all-time high of $77, mirroring a broader pullback across the DEX sector alongside tokens such as AsterDEX (ASTER) and Lighter (LIT). Whale activity in HYPE has remained heavier than in its peers, with a comparison of the three tokens showing HYPE's movement outpaced both ASTER and LIT. Over the past month, HYPE gained 3.75% and LIT gained 20.77%, while ASTER lost 9.70%, indicating HYPE's price action is not solely a result of sector-wide momentum.

A wallet linked to BitMEX co-founder Arthur Hayes withdrew 44,156 HYPE worth $2.93 million from Gate, according to on-chain data, after having generated $503,000 in profit from two trades over the past two weeks. Hayes has denied that the wallet belongs to him. Separately, Whale Factor reported that a whale opened the largest in-chain long position on HYPE, currently holding $93 million in HYPE after fully leveraging his account 4x, with an unrealized profit of $39.7 million. The accumulation activity comes as Hayes previously offloaded HYPE for profits before returning to the token.

On the daily chart, HYPE has printed a double top with a neckline at around $55, while trading near $64. The Choppiness Index (CHOP) has fallen to 44, indicating trending conditions are strengthening, and the MACD has turned red. A failure to hold above the $53 to $55 range could extend the correction phase and confirm a bearish reversal, while a successful retest of that area supported by whale and institutional buying could signal a bullish reversal. Daily trading volume has shown heavy selling alongside significant buying interest.