Hyperliquid Whales Keep Buying Dip

Large Wallets Pull Millions From Exchanges

Large holders of Hyperliquid's native token $HYPE are continuing to buy into market weakness, according to on-chain analytics platform Lookonchain. A newly created wallet withdrew 222,493 HYPE, worth approximately $14.41 million, from Coinbase Prime. Separately, another whale received 44,986 HYPE valued at roughly $2.87 million from institutional crypto prime broker FalconX.

The pattern is consistent with a broader trend of exchange outflows that has persisted in recent weeks. Spot netflows for HYPE turned negative, meaning more tokens were leaving exchanges than entering, a signal that fewer coins are sitting in tradable supply ready to be sold.

Fundamentals Support the Buying Case

The accumulation is taking place against a backdrop of solid on-chain fundamentals. HyperCore daily active addresses rose 17.4% over a recent 24-hour period to 68,600, while protocol revenue climbed for three consecutive months, rising from $44.85 million in April to $53.80 million in June, according to DefiLlama data. The platform also executed $135 million in token buybacks over 90 days, helping absorb sell-side pressure from team unlocks.

$HYPE hit an all-time high of $76.67 on June 16, 2026, before pulling back roughly 17% to trade near $63 amid a wider crypto market downturn. Despite the price drop, the total number of HYPE holders expanded during the decline, with wallet count increasing by 1,109 addresses, or 0.45%, over seven days. Institutional interest also held up: HYPE investment products attracted $27.9 million in inflows last week, their strongest weekly reading since late May, according to SoSoValue data.

The combination of exchange outflows, protocol buybacks, and continued large-wallet accumulation suggests that bigger investors are treating the current dip as an entry point rather than a reason to exit.

Sources:
BeInCrypto: HYPE Drops 17% From Record High but Fundamentals Remain Strong
AMBCrypto: Hyperliquid Whales Accumulate Over $17M HYPE