La ballena depositó 2.64 millones de dólares en HyperLiquid, después de dos años de silencio, con el objetivo de comprar HYPE.

On January 9, a dormant cryptocurrency whale deposited 2.64 million USDC into HyperLiquid and spent $1.54 million to purchase 59,976 HYPE tokens. This is the first activity from the whale in two years, indicating a strategic move into the HyperLiquid ecosystem. The whale now holds $1.09 million in USDC and has open buy orders to continue accumulating tokens according to tracking data. The transaction suggests a confidence in the token's future performance and the platform's potential as market analysis shows.

The whale also placed a large limit order to buy 59,458 SOL at a price range of $133.88 to $135 per SOL, amounting to approximately $8 million. This move was executed within the past four hours. Alongside this, the whale holds 427,441 HYPE tokens, valued at about $11.09 million. Such large-scale purchases can influence market sentiment and potentially stabilize token prices according to recent analysis.

In the broader market, token buybacks have dominated narratives, with protocols like Hyperliquid committing $644.6 million to such programs in 2025. These efforts initially supported token prices by reducing supply and creating a new valuation framework. However, by late 2025, the effectiveness of these programs began to wane as markets became desensitized to the strategy.

Why Did This Happen?

The whale's return to the market highlights a shift in investor confidence and strategic positioning. After a period of dormancy, the whale is now actively investing in tokens with potential upside. This could indicate a belief in the long-term value of HYPE and the broader DeFi market according to blockchain data.

The whale's recent activity contrasts with earlier 2025, when buyback announcements generated strong price surges. Now, the impact of such moves has diminished, with prices often stalling despite continued repurchases. This shift may reflect a more skeptical market that demands stronger fundamentals beyond token buybacks as market reports indicate.

The whale's decision to target HYPE may also be influenced by Hyperliquid's recent tokenomics changes and buyback strategies. The platform has been systematically reducing HYPE's circulating supply, which could align with the whale's investment thesis.

How Did Markets Respond?

Hyperliquid's HYPE token has faced significant supply pressure due to large unlock events. The most recent unlock in early January released $331 million worth of HYPE tokens, diluting existing holders and increasing circulating supply. This event highlights the challenge buyback programs face in offsetting large token unlocks.

Despite these challenges, HYPE remains a focal point for investors. The token's price has been influenced by both buyback programs and market sentiment around future supply dynamics. Analysts are now closely watching whether the whale's activity will lead to a stabilization or further volatility in HYPE's price.

The broader crypto market has also responded to the whale's actions with increased interest in HYPE and other tokens associated with active buyback programs. This may signal a shift in investor focus toward tokens with clear value-accrual mechanisms and structured capital allocation.

What Are Analysts Watching Next?

Analysts are paying close attention to Hyperliquid's upcoming token unlock on February 6, which will release a significant portion of its total supply. This event could overwhelm the ongoing buyback efforts and test the market's ability to absorb the additional supply.

The effectiveness of token buyback programs is also under scrutiny. With protocols like Optimism launching new buyback strategies and routing repurchased tokens to treasuries, the debate over the impact of these programs on price and supply remains unresolved. Analysts are evaluating whether these newer strategies will restore market confidence or continue to face diminishing returns.

Investors are also watching how the whale's ongoing strategy plays out. If the whale continues to accumulate HYPE and other tokens, it could signal a broader trend of institutional or large-cap investor interest in the DeFi space.

The market's reaction to these developments will shape the future of DeFi tokenomics and investor behavior. As protocols experiment with new forms of value accrual and capital allocation, the effectiveness of these strategies will determine which tokens and platforms gain long-term support.