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Hyperliquid’s native token, $HYPE, has been boosted by strong institutional buying in recent weeks, and its price reached all-time highs today.
Crypto analyst Shaunda Devens noted that Hyperliquid Strategies purchased 4.28 million $HYPE in just three weeks, amounting to approximately $385 million. This figure represents about 1.4% of the circulating supply and is roughly 7.5 times the amount purchased by Assistance Fund during the same period.
According to Devens’ assessment, the noteworthy point was that despite this strong buying pressure, the $HYPE price initially remained weak. During the period when the token fell from $89 to $76, positive developments such as Kraken’s HIP-3 announcement had a limited impact on the price. The analyst interpreted the price’s weakness, despite Hyperliquid Strategies’ aggressive purchases, as a lack of sufficient marginal demand beyond PURR-driven demand, and existing investors using these purchases as a selling opportunity.
Devens noted that the price region around $80 had become a critical support area, with approximately 33.4 million $HYPE, or about 11% of the circulating supply, changing hands within this price range. It was stated that Hyperliquid Strategies’ purchases over the past three weeks accounted for approximately 15% of Hyperliquid spot trading volume during the same period. According to the analyst, the withdrawal of the main buyer and a downward break of the $80 level could create a chain reaction of selling, potentially ending the uptrend.
However, the market reacted in the opposite direction. While $HYPE reached new all-time highs, selling pressure significantly decreased. Devens also noted that Hyperliquid Strategies is in a stronger financial position compared to three weeks ago, with cash assets rising to $245 million and a market capitalization-to-net-asset ratio of 1.24. The analyst stated that due to this outlook, he sees a very positive picture for $HYPE in the short term.
However, Devens pointed out a significant shift in $HYPE’s investment story. According to the analyst, the token, previously considered a cheap asset by fundamental indicators and largely ignored by the sector, has now transformed into a generally accepted asset in the market, with high growth expectations priced in. Devens argued that the current price already reflects a significant amount of optimism, noting that despite Hyperliquid’s revenues declining by approximately 50 percent since August last year, the $HYPE price has nearly doubled during the same period.
*This is not investment advice.