Large cryptocurrency holders executed significant withdrawals from major exchanges while HYPE traded near critical support levels. According to Lookonchain data, a newly created wallet withdrew 278,827 HYPE worth approximately $17.45 million from Coinbase Prime. Shortly afterward, wallet 0x2386 returned after a month-long pause and removed another 96,930 HYPE valued at roughly $6.01 million from BitGo. Together, these transactions accounted for more than 375,000 HYPE and over $23 million in withdrawals, with both wallets transferring assets into private custody rather than moving them to exchanges. The reduced supply available for immediate sale pointed to stronger conviction among large holders, especially because the moves came while HYPE traded just above a key technical zone.
Despite the significant whale accumulation, retail participation remained muted during the same period. The retail activity through Trading Frequency metric continued signaling 'Few Retail,' indicating that smaller traders had not entered the market aggressively despite the sizeable withdrawals. This divergence suggested that larger investors were driving recent positioning around HYPE, with the current structure reflecting accumulation from a relatively small group of market participants rather than widespread speculative demand. According to CryptoQuant data, the metric continued to show "Few Retail," suggesting smaller traders had not returned in force during the recent pullback.
At the time of writing, HYPE traded above a critical technical area after retreating from recent highs near $76. The daily chart showed a developing cup-and-handle formation, with the handle taking shape during the latest correction. Price approached a confluence support zone around $60, where the cup-and-handle neckline intersected with an ascending trendline that had supported the uptrend since mid-May. The support area around $60 combined the pattern's neckline with the trendline, making it crucial for maintaining the broader bullish structure. The RSI declined to 48.7 and slipped below both the neutral 50 level and its moving average near 55.2, reflecting cooling buying strength during the retracement.
If buyers maintained control of the $60 region, HYPE could challenge the immediate resistance at $66.88. A move above that barrier could expose the next major resistance near $73.64, while a breakdown below support would weaken the current bullish structure. The Binance Liquidation Heatmap showed dense concentration of liquidation liquidity directly above HYPE's current price, with notable clusters between approximately $63.5 and $64.5, and a larger concentration around $66 that aligned closely with the resistance level. The current setup follows a retreat from $76, where buyers lost momentum before the token returned to its $60 support base, making whale withdrawals more important as the market needs sustained spot demand to show the correction is only the handle within the broader pattern.
