Whale Bets Big On Short Hyperliquid with $3.75 Million Limit Orders

Today, crypto enthusiasts are attracted by trading activity in the Hyperliquid (HYPE) market. Despite its recent declines, data shared by crypto analyst Onchain Lens shows that whales are still active in the market and purchasing the dip. Today, a whale placed massive buy orders on HYPE worth $3.75 million.

Whale’s $3.75 million limit orders

According to data from Onchain Lens, this whale made a significant activity by spending $2.5 million to place a limit order to short Hyperliquid (HYPE), with prices ranging from $10.15 to $11.16. He later added another limit order worth $1.25 million to acquire an additional 100,000 HYPE.

This strategic approach involves setting specific price points at which this whale is willing to purchase HYPE, showing a belief that the price will drop to these levels. This strategy allows the whale to buy HYPE at favorable prices.

The whale’s activity indicates the rising interest and optimism in Hyperliquid among big investors. The use of limit orders is an advanced trading strategy that aims to amplify gains while managing risk.

The timing of this activity could have a potential effect on the asset’s price. The whale’s action shows a calculated bet on an imminent price correction while having confidence in the asset’s long-term potential.

HYPE price updates

Hyperliquid has been experiencing significant obstacles in its price movements. On the monthly and weekly timeframes, its price has been down 42.5% and 20.3% respectively. This shows that sellers have been prevailing in the market.

Onchain indicators show that HYPE’s price drop is not just short-term volatility, but is likely to experience a more prolonged downward trend.

Open interest (IO) in Hyperliquid indicates that sellers would still have more power in the market. If this indicator holds, then HYPE price could witness a further declining trend. Over the past 24 hours, HYPE’s IO decreased by 3.75% to $386.44 million. Also, trading volume in the derivatives market dropped by 33.25% to $295.85 million. This indicates that traders are losing interest in the token because of uncertainty or shifting strategies.

Secondly, HYPE has broken down from a symmetrical triangle pattern, suggesting a potential price drop. The asset’s price is currently trading at 13.82%, down 3.3% over the past 24 hours. If this pattern breaks further and the bearish sentiment persists, HYPER’s price could decline to $10.86.

With these on-chain indicators suggesting a continued drop, it is clear that investors are preparing for a further downtrend.