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- Whales spent over $9M accumulating HYPE amid rally.
- On-chain users and activity surged to record highs.
- Derivatives volume spiked 4x, showing strong bullish demand.
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Hyperliquid’s HYPE token surged 7.55% to a new all-time high (ATH) of $57.38 before slightly retreating to $56.68 at press time, marking a milestone moment for the rapidly growing DeFi platform. Its market cap also hit a record $19.13 billion, while daily volume soared 39% to $617 million—underscoring growing investor confidence.
Whales Accelerate HYPE Accumulation
Whales have shown aggressive accumulation behavior during this rally, fueling bullish sentiment. According to Lookonchain, one whale deposited $8 million into Hyperliquid and bought 86,322 HYPE worth $4.88 million. Another whale transferred 4.58 million USDC into the platform to acquire HYPE.
Whales continue to buy $HYPE.
— Lookonchain (@lookonchain) September 12, 2025
0x7E4E deposited 8M $USDC into #Hyperliquid, buying 86,322 $HYPE($4.88M) and 466.68M $PUMP($2.74M).
Another wallet, 0x1abD, deposited 4.58M $USDC into Hyperliquid to buy $HYPE.https://t.co/PwHnsKCDhshttps://t.co/gPityMaghP pic.twitter.com/vkqXyw2ekY
In total, large holders have poured $9.46 million into HYPE recently. Supporting this trend, Coinglass data shows HYPE’s Spot Netflow has stayed negative for two straight weeks, with a current net outflow of -$12.76 million—suggesting tokens are being withdrawn from exchanges for long-term holding, a strong bullish signal.
On-Chain Metrics Signal Organic Growth
Beyond price and whale action, HYPE’s on-chain activity has surged. Dune data shows Cumulative Trades have hit 147 billion, while Total Users have grown to 669.8k. New Users spiked 42% to 2.1k, reflecting accelerating adoption.
Artemis data also reveals that Transactions Per User climbed to an all-time high of 20.5, showing users are increasingly active and engaged. Such strong organic usage often reinforces price rallies and suggests genuine market demand.
Also Read: Ethena Exits USDH Race as Native Markets Leads Hyperliquid’s $5.9B Stablecoin Vote
Derivatives Market Sees Capital Inflow
Meanwhile, derivatives traders are betting big. Defillama data shows HYPE’s Perpetuals Volume rocketed from $3.3 billion to $12.3 billion in just five days. This jump indicates leveraged positions are supported by real buying activity, which often strengthens and sustains uptrends.
With whales accumulating, user activity climbing, and derivatives volume soaring, Hyperliquid’s market setup looks robust. If positive sentiment continues, HYPE could extend its uptrend and chart new highs. However, profit-taking at these levels could spark a short-term pullback toward $51.
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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!
