Two large whale addresses have placed major bets on HYPE, the native token of the Hyperliquid ecosystem, accumulating a combined $35.9 million in two separate transactions, according to on-chain data.
The first address, 0x8e48, purchased 116,427 HYPE tokens worth approximately $9.91 million. Data highlighted by Lookonchain shows this whale has been building its position for eight months and now holds around 1.89 million HYPE tokens, with part of the buying routed through Galaxy Digital.
Hours later, a second whale, 0x6436, bought 308,569 HYPE tokens valued at roughly $26 million. That address now controls 4.05 million HYPE tokens, all of which have been staked. At current valuations, the staked holdings are worth about $322 million, signaling long-term confidence rather than a short-term trading position.
The accumulation is notable because HYPE currently shows thin or absent spot trading volume in some market data feeds. Large purchases under low-liquidity conditions can amplify price moves once normal trading activity resumes, making whale movements a key signal for traders watching the asset.
The transactions were highlighted by on-chain data sources including Lookonchain. While broader crypto markets remain mixed, this concentration of whale interest could attract additional institutional attention to the Hyperliquid ecosystem and the HYPE token.
