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- Hyperliquid is under pressure, trading at $29 and facing a critical test of the $28 support level.
- High-leverage long positions are surging, suggesting experienced traders expect a short-lived pullback.
- A legendary Satoshi-era wallet purchased $2B in BTC, signaling massive institutional confidence in the $68k-$70k range.
The cryptocurrency market is witnessing a fascinating split in behavior between retail caution and institutional conviction. While the broader market faces a standard pullback, Hyperliquid (HYPE) is currently battling to maintain its footing above psychological support levels. Simultaneously, one of the network’s most ancient “Satoshi-era” Bitcoin wallets has resurfaced, signal-calling a major shift in long-term sentiment.
Hyperliquid Battles Bearish Pressure
Hyperliquid has recently faced a tough stretch, marking two consecutive days of lower lows. The native token, HYPE, slipped beneath the critical $30 threshold after failing to stabilize at $32. Trading around $29 at press time, the asset has seen a weekly decline of nearly 9%.
Technical indicators highlight the struggle. HYPE has fallen below its 20-day Exponential Moving Average (EMA20) and its Double EMA (DEMA), typically a sign of sustained short-term downward pressure. The Demand Index has plunged into negative territory (roughly -0.188), suggesting that selling volume is currently overwhelming buy-side liquidity. If bulls cannot defend the $28 demand zone, further slides are likely.
Whales Bet Big on a Rebound
Despite the price dip, “smart money” is leaning into the volatility. Blockchain data reveals that high-net-worth traders are using the futures market to signal a bottom. Notably, the whale known as BigMachiBrother recently expanded a 10x long position by 23.8k HYPE, a move valued at over $712,000.
This isn’t an isolated incident; $1.31 million has flowed into long positions over the last 24 hours alone. On major exchanges like Binance and OKX, the Long/Short Ratio remains above 1, indicating that most professional traders view this retrace as a temporary discount rather than a total trend reversal.
The $2 Billion “Satoshi” Signal
While HYPE traders eye the $30 mark, Bitcoin has seen a historic move from its earliest days. A wallet originating from the “Satoshi era”—the experimental period of Bitcoin’s infancy—recently reactivated to purchase 26,000 BTC, worth more than $2 billion.
This purchase occurred strategically after Bitcoin failed to break the $70,000 resistance level, dropping toward $68,500. For this legendary investor, who has reportedly netted over $800 million in profit since 2015 by buying dips, the 3% correction was a clear entry point. By moving these coins into private storage, such whales create a “supply shock,” reducing the available Bitcoin on exchanges and building a formidable price floor.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
