Whale Moves Over $22M in USDC to Buy Hyperliquid’s $HYPE

One of the largest crypto whales has trended after transferring millions of dollars of USDC into Hypeliquid native token, $HYPE. On-chain analytics account Lookonchain flagged the transactions, indicating the size of the activity of the whale and its possible effect on the market.

$10M Pulled from HLP Vaults

The whale address 0xAD83D took out approximately 10.19 million USDC in Hyperliquid Provider (HLP) Vaults in the last 24 hours. The money was hastily moved off of the vault positions into spot accounts, an obvious indication of massive buying preparations. HLP Vaults are liquidity pools in Hyperliquid. The whale pulled such a volume and in so doing exposed themselves less to the business of providing liquidity and instead placed capital directly into the area of trading.

Besides the vault withdrawals the whale also contributed external capital to Hyperliquid. About 5 million USDC was deposited via the Arbitrum network, and then sent to spot trading accounts. This action highlights the will of the whale to increase their purchasing capacity of $HYPE.

Over $5.5M Already Spent on $HYPE

As the analysis of Lookonchain has shown, the whale has already bought 114,872 tokens of the HYPE, which is worth $5.58 million at the current prices. This kind of massive purchasing normally generates a sense of optimism among buyers as it is an indication of trust by deep-pocket investors. This amount of capital inflow is very infrequent and proves the magnitude with which high-net-worth individuals can affect the trading process in such platforms as Hyperliquid.

Market Implications

The appearance of whales in the ecosystem not only proves the project right but also generates more liquidity and trading volumes. Nevertheless, these actions also have their own downsides. Whale purchasing of millions in $HYPE can elevate the prices temporarily, but the market might experience sudden corrections in case the whale is going to sell.

Such aggressive entry of the whale into $HYPE is indicative of increased confidence in the Hyperliquid ecosystem. The address 0xAD83D has transferred a total of more than 22 million USDC and currently expended 5.58 million more on the tokens, making it one of the most influential contributors to the market of the $HYPE. Traders are now looking on with great interest to see whether the whale will keep buying–or whether he will make profits after the rally.