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- HYPE recovered from $53 support, but a whale has sold nearly $110 million worth of HYPE.
- Positive HYPE exchange netflows could add selling pressure as the token approaches $60.
- Bitcoin miners remain relatively restrained despite declining revenue and BTC trading below production costs.
Hyperliquid (HYPE) is attempting to extend its recovery after finding support around $53, but large-holder selling could limit the altcoin’s upside. HYPE climbed to a local high of $57 and was trading near $56.89, down 0.32% over 24 hours at press time.
The mixed setup comes as Bitcoin miners also show unexpected resilience despite difficult operating conditions. Bitcoin was trading around $63,300, roughly 17% below its reported average production cost of $76,500.
HYPE Whale Sells Nearly $110 Million
On-chain data from Lookonchain showed that one whale has significantly reduced its HYPE holdings over the past month.
The wallet initially held about 2.93 million HYPE, valued at roughly $163.37 million. After remaining inactive for two weeks, it sold another 923,743 HYPE worth approximately $53.02 million.
That followed an earlier sale of 1.03 million HYPE valued at around $57.44 million. Combined, the two transactions amounted to nearly 1.95 million HYPE, worth about $110.46 million.
The address still held 969,595 HYPE, valued at approximately $55.5 million. The transactions could represent profit-taking as HYPE recovered from its recent decline, although the wallet’s future plans remain uncertain.
Exchange Inflows Add to Selling Risk
HYPE is also facing signs of broader exchange-side selling pressure.
CoinGlass data showed positive spot netflows throughout the past week, reaching approximately $7.19 million at press time. Positive netflows generally indicate that more tokens are moving onto exchanges than leaving them, potentially increasing the amount of HYPE available for sale.
Technical indicators, however, offered a more constructive picture.
The Positive Directional Indicator stood near 21, compared with around 15 for the Negative Directional Indicator. Meanwhile, the MACD remained below zero but was moving higher, suggesting bearish momentum was losing strength.
If buyers maintain control, HYPE could attempt to reclaim the $60 level. A renewed wave of whale selling, however, could send the token back toward $53.
Bitcoin Miners Resist Selling Pressure
Bitcoin’s mining sector presents a different picture. Daily miner revenue has fallen from roughly $60 million last October to about $20 million, while BTC remains below estimated average production costs.
Despite that squeeze, Bitfinex analysts said miner selling pressure remains limited. The Puell Multiple was near 0.7, while the Miners’ Position Index stood around -1.2, indicating subdued outflows.
Some major public miners have instead been selling BTC to fund debt reduction and diversify into artificial-intelligence infrastructure. MARA, for example, sold more than 23,000 BTC valued at about $1.63 billion.
That shift has also contributed to a reported 17% decline in Bitcoin’s hash rate as some computing capacity moves toward AI data centers.
The AI pivot has helped separate mining stocks from BTC’s performance. The CoinShares Bitcoin Mining ETF (WGMI) was up about 20% year to date, while Bitcoin had fallen nearly 30% over the same period.
The divergence highlights how publicly traded miners are increasingly being valued partly as AI infrastructure companies rather than solely as Bitcoin businesses.
Also Read: Hyperliquid Faces 2 Major Challenges as U.S. Expansion Moves Closer
Overall, HYPE faces a battle between improving technical momentum and persistent selling pressure, while Bitcoin miners appear reluctant to aggressively liquidate holdings despite worsening economics.
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!
