Hyperliquid: How spot buyers saved HYPE from $22.9mln whale crash

Hyperliquid recorded heavy capital outflows over the past 24 hours. Despite this, price action moved in the opposite direction, with HYPE rallying roughly 8% to trade above the $40 level.

This divergence showed resilient sentiment. Spot buyers absorbed selling pressure, helping stabilize price action and sustain momentum.

Whale activity triggers market reaction

Several large holders reduced exposure during the period, choosing to exit positions amid recent price strength.

The most notable transaction came from a prominent whale wallet, High Stakes Capital, which fully liquidated its HYPE holdings.

On-chain data showed 602,421 HYPE entered circulation within 24 hours, worth $22.93 million at press time.

Such large-scale sell-offs often influence broader sentiment, particularly among traders who mirror whale activity. In many cases, this behavior reflects weakening confidence at the top end of the market.

Spot investors counterbalance pressure

However, market response diverged from whale activity. Spot Exchange Netflows showed buyers stepped in to absorb selling pressure.

Netflows stayed negative, meaning more HYPE left exchanges than entered. This pattern usually signals accumulation.

Outflows totaled $1.59 million, reinforcing sustained demand despite whale exits.

More notably, this marked a shift in weekly behavior. Buying activity outweighed selling pressure for the first time in recent weeks.

By contrast, weeks starting the 9th of March and the 16th of March saw $1.78 million in netflows driven by selling.

If accumulation holds and market conditions remain stable, HYPE could maintain its structure with upside bias.

Revenue growth strengthens fundamentals

Beyond short-term flows, Hyperliquid’s fundamentals continue to support the asset’s trajectory.

The protocol’s HIP-3 upgrade, alongside its builder codes platform—which enables third-party integrations—has contributed meaningfully to ecosystem growth.

According to a recent AMBCrypto report, these products now generate a combined annualized revenue of approximately $1 billion.

That revenue strengthened token buybacks and burns, reducing circulating supply.

This mechanism supported HYPE’s recovery from $25 to $38. With price near $41, similar dynamics could continue supporting stability and upside.

Final Summary

• HYPE rose nearly 8% above $40 despite heavy capital outflows.
• Hyperliquid whale exits, including High Stakes Capital, released ~$22.9M worth of HYPE into circulation.