Ethereum News Today: Hyperliquid Surges 32% as Whale Buys $50M in Tokens

Hyperliquid, a prominent cryptocurrency, is experiencing a significant surge in value, with its price hovering just below the $50 mark. This upward momentum is driven by a massive purchase of $50 million worth of tokens by an unidentified whale or institutional investor. The purchase, made at an average price of $3,715 per token, has added considerable fuel to the cryptocurrency's recent rally. This strategic move signals a strong confidence in Hyperliquid's potential for growth and has sparked renewed interest among investors.

The whale's purchase is part of a broader trend of institutional interest in the cryptocurrency market. Whales, or large investors, often make significant purchases to avoid liquidation on short positions, as seen in the case of an Ethereum whale depositing funds in Hyperliquid to avoid liquidation on a $56.76 million short position. This strategy not only helps whales manage their risk but also contributes to the overall market sentiment, driving prices higher.

According to on-chain data, a smart whale has added major leveraged long positions. This investor opened a 10x long on both HYPE and PEPE, while also going 25x on Bitcoin and 40x on Ethereum. That move came from a wallet already sitting on 115% unrealized gains. Such a confident move speaks volumes, especially when paired with rising metrics across the board.

Hyperliquid’s open interest recently climbed to the sixth position globally, surpassing OKX in the process. At $14.29 billion, the platform now ranks second among derivatives exchanges with a cashless settlement system. Meanwhile, the 24-hour volume on Hyperliquid’s DEX hit $12.65 billion. That number, while still behind OKX’s, represents a massive and growing share of the market. CoinGlass data showed the OI-weighted funding rates flipping positive, rising from 0.0066% to 0.08%.

Hyperliquid’s strength isn’t just based on speculation—it’s backed by activity and revenue. HYPE accounted for over 51% of the fees generated across major blockchains in the past 24 hours. That means it outperformed Ethereum, Tron, Solana, and even Bitcoin in this key metric. The platform uses those fees for buybacks, and the tokens bought are then burned. This reduces the circulating supply, creating steady upward pressure on price. While many projects promise value, Hyperliquid delivers it through active usage and deflationary mechanics.

From a technical perspective, HYPE recently retested the $41–$42 zone after a brief pullback. That level, which once acted as resistance, now supports further movement to the upside. The price touched a new all-time high at $49.87—just shy of the $50 mark. That near miss may act like a coiled spring. If buyers maintain their current pace, the $50 ceiling could soon break. The next likely target in that scenario would be $75.

However, even a brief period of consolidation or a retest below $40 could reset the rally and strengthen the foundation. Hyperliquid continues to prove it’s more than just hype. Whales are doubling down, network activity is rising, and tokenomics are working in its favor. Whether it pauses or breaks through, HYPE has earned the spotlight as one of 2025’s most exciting altcoins.