Hyperliquid’s $HYPE token was down about 4% over the past 24 hours and 11% on the week, after hitting an all-time high [ATH] of $77.
$HYPE’s performance has mirrored trends across the broader DEX sector. This raises the question of whether its strength is driven by Hyperliquid itself or by sector-wide momentum alongside tokens such as AsterDEX [$ASTER] and Lighter [$LIT].
Whale activity appears stronger in $HYPE than in its peers. A comparison of the three tokens offers a clearer picture of that trend.
Arthur Hayes returns as whale loads largest $HYPE trade
Hyperliquid continues to be a darling for whales and institutions.
After Arthur Hayes offloaded $HYPE for profits, the BitMEX co-founder has returned. This time, a wallet linked to him withdrew 44,156 $HYPE worth $2.93 million from Gate.
Over the past two weeks, the wallet has bagged $503K in profit from two trades despite Hayes denying that the wallet is his.
Source: Lookonchain
On top of that, a whale loaded the largest in-chain long position on $HYPE, according to Whale Factor. This whale is currently holding $93 million in $HYPE after fully leveraging his account 4x.
The whale is currently sitting on an unrealized profit of $39.7 million. This suggests more upside may be coming, even though the whole sector seems to be in a pullback.
Is $HYPE outperforming the DEX sector?
Putting the whale accumulation aside, the comparison charts of $HYPE, $ASTER and $LIT were moving in tandem. However, the magnitude of $HYPE was the largest, affirming its dominance.
Over the past month, $HYPE and $LIT have gained 3.75% and 20.77%, respectively, while $ASTER has lost 9.70%.
This indicates $HYPE’s performance may not be a result of the whole sector’s strength. Some users say $HYPE has no competitors.
Source: CoinGecko
Still, all the DEX sector tokens are declining. On the daily charts, $HYPE has printed a double top with the neckline at around $55.
However, the altcoin traded near $64 while the Choppiness Index (CHOP) fell to 44. That reading suggested trending conditions were strengthening, potentially favoring further downside.
The MACD has also turned red, showing bears have just gained control. That could push the altcoin to the retest area, which would determine its next move.
Source:
$HYPE/USD on TradingView
Failure to hold above $53-$55 may extend the correction phase and confirm a bearish reversal. Otherwise, the capital from whales and figures like Arthur Hayes may help confirm the retest.
The daily trading volume also shows heavy selling, but the massive buying may hint at a bullish reversal on the horizon.
Final Summary
- Arthur Hayes buys $2.93 million in $HYPE alongside the largest long position of $93 million. This brings the total $HYPE long trade to $96 million.
- Hyperliquid is dominating $ASTER and $LIT but the DEX sector appears to be entering a correction phase.
