Looking at this HYPE market structure, it’s a classic case of a strong whale running tight control + institutions sweeping up—completely different from coins that are purely pumped by retail FOMO.

First, let’s look at the price: it’s currently hovering around $68. After earlier surging to a high of 76.85 and then pulling back by nearly 10% a few days ago. A 10% retracement in the crypto world is called “normal breathing”—the daily EMA is all bullish, and the RSI is healthy pulling back around 55, so the trend hasn’t broken at all.

Next, see who’s buying: one giant whale opened a $93 million HYPE long position on Hyperliquid, with an unrealized profit of nearly $40 million. Another whale used 11 addresses to scatter the accumulation, accounting for 90% of the entire TWAP buy orders. This is not the kind of move retail investors could ever make.

The fundamentals are even stronger: the platform’s cumulative revenue exceeds $1.16 billion, and trading fee revenue over the past 30 days is nearly $79 million—more than Ethereum, Solana, and BNB Chain combined. Most of the revenue is used for HYPE buybacks and burns, making the supply-demand situation extremely tight.

This isn’t the kind of rigged pump-and-dump where a whale dangles bait to slice retail. It’s institutions buying with real money. The $68 area is a high-level flag-like consolidation, while $62 below is the hard support. #我的Gate交易时刻 $HYPE