Hyperliquid Whale Bets $3.6M on Altcoin Recovery as HYPE Defies Market Downturn

After a recent crypto market downturn, a whale on the Hyperliquid decentralized exchange has made significant long bets on a basket of altcoins, injecting over $3.6 million into positions expecting a rebound. The whale's selection includes blue-chip tokens like ETH and BNB, recently active coins such as LTC, and meme tokens including PEPE, BONK, PNUT, and POPCAT, as well as newer movers like ASTER and MET, and established assets like AVAX.

Despite an unrealized net loss of $276,000, offset by some gains, the whale holds the positions, paying over $8,400 in fees. Specifically, the HYPE token, native to Hyperliquid, carries an unrealized loss of $293,000 for the whale, with the token trading at $38.49 and open interest around $1.4 billion. Hyperliquid currently has $7.4 billion in total open interest, with about $2.5 billion allocated to smaller altcoins.

Concurrently, Hyperliquid ($HYPE) has demonstrated remarkable resilience, declining only 5% while major cryptocurrencies like Bitcoin, Ethereum, Solana, and Chainlink saw drops of 17.2% to 30% over three months. Technical analysis by analysts DC and More Crypto Online indicates HYPE is in a corrective ABC pattern, with key support at $27–$30 and resistance at $48.50. A break below $36 could trigger further declines, while surpassing $41.59 might lead to a more complex correction.

The altcoin season index has recovered from a low of 25 points to 43 points, signaling improved sentiment. Long bets on AVAX have increased, with open interest rising to $257 million from a recent low of $200 million. Traders are eyeing potential breakouts, with assets like UNI seen as candidates for upward moves due to platform success and eventual profit sharing in 2025.