Why Are HYPE Whales Pulling $23M From Exchanges Now?

Hyperliquid (HYPE) held near $60 after whale wallets pulled more than $23 million in tokens from exchanges, keeping traders focused on $66 resistance.

Key Points:

HYPE Whale Demand

Large HYPE holders added exposure as the token defended the $60 area after the latest pullback.

According to Lookonchain, a newly created wallet withdrew 278,827 HYPE, worth about $17.45 million, from Coinbase Prime. Soon after, wallet 0x2386 returned from a monthlong pause and moved another 96,930 HYPE, valued near $6.01 million, from BitGo.

Together, the transactions covered more than 375,000 HYPE and over $23 million in withdrawals. Both wallets shifted tokens into private custody rather than sending them to exchanges.

That reduced the supply available for immediate sale and pointed to stronger conviction among large holders, especially because the moves came while HYPE traded just above a key technical zone.

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HYPE Price Levels

Retail activity did not match the whale buying, according to CryptoQuant data on trading frequency. The metric continued to show “Few Retail,” suggesting smaller traders had not returned in force.

On the daily chart, cited from TradingView, HYPE stayed above support after pulling back from a recent high near $76. The chart showed a developing cup-and-handle pattern, with the handle forming during the latest correction.

The support area around $60 combined the pattern’s neckline with an ascending trendline that has guided the uptrend since mid-May. RSI fell to 48.7, below the neutral 50 level and its moving average near 55.2.

If buyers keep defending $60, HYPE could retest $66.88 and then $73.64. A break below that support would weaken the bullish structure.

CoinGlass liquidation data showed dense liquidity above spot price, first near $63.5 to $64.5 and then around $66. Those levels matter because short liquidations can speed up moves into crowded leverage zones.

HYPE’s current setup follows a retreat from $76, where buyers lost momentum before the token returned to its $60 support base. That pullback made whale withdrawals more important, because the market needs sustained spot demand to show the correction is only the handle within the broader pattern.

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