Whales Rush to Accumulate HYPE During Market Pullback

A new wallet withdrew 180,000 $HYPE valued at $13.40 million from the Coinbase platform.

Three linked wallets combined for a withdrawal of 557,406 $HYPE equivalent to $41.53 million from Kraken for subsequent staking.

The trading volume of this asset recorded a 14% decrease in the last 24 hours, standing at $1.44 billion.

On Thursday, June 4, the crypto market recorded a general contraction of 3.85%, a pullback that dragged several assets into red territory. In the midst of this scenario, the $HYPE token dropped 2.90%, trading near $64.00 at the time of writing. The price drop coincided with significant accumulation movements by whales on the blockchain.

Data analysis platforms identified large institutional transactions executed directly from major cryptocurrency exchanges. Reports from Onchain Lens revealed that a newly created wallet, identified as 0x193, extracted a multi-million dollar batch from the Coinbase platform. The report details that the movement amounted to a total of $13.40 million dollars in tokens.

Whales/Institutions are accumulating $HYPE

Newly created wallet "0x193" withdrew 180,000 $HYPE ($13.4M) from #Coinbase 5 hours ago.

3 wallets (0x8bD, 0x5CF, 0x918), likely linked to a single entity, withdrew 557,406 $HYPE ($41.53M) from #Kraken and sent it for staking.… pic.twitter.com/yDBnOpqmun

— Onchain Lens (@OnchainLens) June 4, 2026

Likewise, the firm identified that three other digital addresses made simultaneous withdrawals from the Kraken exchange. Onchain Lens’ technical analysis suggests that these wallets operate under the control of a single commercial entity, which allocated the funds to staking protocols.

Supply distribution and technical behavior

Data from analytical firm Nansen indicates that the accumulation behavior extended evenly among top market holders. The report details that the top 100 addresses with the largest holdings of this asset expanded their portfolios by 1.36% during the last 24 hours. The platform’s records show that wallets classified as Smart Money raised their exposure to the token by 12.07% in the same analyzed period.

The asset’s technical behavior shows a price compression phase on the daily time frame charts. According to TradingView data, the asset has accumulated five consecutive sessions operating within a narrow channel between $68.08 and $75.76 dollars. The current price positions the token in a support zone that coincides with the lower band of said consolidation range.

TradingView reports that the Average Directional Index (ADX) stood at a level of 42.82 points. The reading of this technical indicator suggests that the asset’s bullish macroeconomic structure remains stable. The analyzed charts confirm that the current price of the token continues to operate above its 200-day exponential moving average (EMA).

Derivatives and critical liquidation levels

Futures market data shows a discrepancy regarding the behavior observed in spot on-chain wallets. Reports published by the firm CoinGlass indicate that the long/short position ratio of this asset dropped to 0.9877 points. This figure reflects that the general sentiment among derivatives traders maintains a moderately bearish bias.

The CoinGlass heatmap identified that traders concentrated $5.34 million dollars in long positions near the $68.03 dollar zone. Short positions accumulate a volume of $12.95 million dollars around the technical level of $71.63 dollars. The concentration of orders suggests that selling pressure in derivatives contracts exerts force against the on-chain purchases of whales.

Technical projections from experts suggest that a daily close below the $68.08 dollar mark could invalidate the current support and lead to a decline toward the $55 dollar zone. Analysts note that, conversely, a close over $76 dollars would reactivate the bullish structure toward new all-time highs. The market’s daily close will determine the validity of the consolidation phase.