Ethereum News Today: Smart Money Pours $17M Into HYPE in 17-Hour Bet

Multiple whale addresses have been actively accumulating Hyperliquid's native token, HYPE, over nearly 17 hours, with the total purchase value exceeding $17 million. According to on-chain data from Lookonchain, several large wallets have made significant purchases in a short timeframe, indicating strong conviction in the token’s potential.

One of the most notable accumulators is the address "qianbaidu.eth," which deposited $6.06 million in USDC into Hyperliquid to buy HYPE tokens. Over the past week, this address has accumulated 276,834 HYPE tokens, valued at approximately $13 million, with an average purchase price of $46.96 per token [4]. The activity of this address has been described as “smart money” by blockchain analytics firm Lookonchain, suggesting it is likely operated by a high-net-worth individual or institutional investor with deep market insight.

Further data shows that the address 0xe0f0 opened a long position of 136,906 HYPE tokens in the past six hours, with a total value of around $6.9 million [2]. Another whale at address 0x328B purchased 43,415 HYPE tokens in the past 12 hours for approximately $2.13 million, while address 0x23fA acquired and pledged 42,161 HYPE tokens for roughly $2 million in just seven hours [2].

These large-scale purchases are occurring as Hyperliquid continues to strengthen its position in the decentralized perpetual futures market. The platform has captured approximately 70% of the market share, generating over $106 million in revenue last month on nearly $400 billion in trading volume [1]. This dominance positions Hyperliquid as a key player in the decentralized finance (DeFi) space, attracting attention from both retail and institutional investors.

In parallel, Paxos has proposed a new stablecoin, USDH, designed to be fully compliant with the U.S. and European Union’s regulatory frameworks, including the GENIUS Act and MiCA. According to the proposal, 95% of interest earned from USDH reserves will be used to repurchase HYPE tokens, which will be redistributed to users, validators, and partner protocols. The initiative aims to align incentives and drive further adoption of HYPE within the Hyperliquid ecosystem [1].

The whale activity highlights growing investor confidence in HYPE, particularly amid Hyperliquid's strategic partnerships and product development. The recent integration of HYPE into Paxos’s brokerage infrastructure, which already supports services for PayPal, Venmo, and MercadoLibre, could further expand the token’s utility and exposure to institutional markets [1].

As the market continues to react to these developments, on-chain analysts are closely monitoring HYPE’s price movements and volume trends. The accumulation by large wallets suggests that some investors are positioning for long-term growth, especially with Hyperliquid’s expanding ecosystem and regulatory-aligned initiatives. However, as with all cryptocurrency investments, market volatility remains a key risk, and traders are advised to maintain strong risk management strategies.

Source:

[1] Paxos Proposes USDH Stablecoin for Hyperliquid (https://cointelegraph.com/news/paxos-proposes-usdh-stablecoin-for-hyperliquid)

[2] Four whales purchased approximately 482,400 $HYPE in $20.9 million (https://www.panewslab.com/en/articles/2604dc33-f4c0-4d99-8bc0-9fb84a186a04)

[3] The giant whale qianbaidu.eth spent $2.05 million to buy HYPE (https://www.odaily.news/en/newsflash/446945)

[4] HYPE Whale qianbaidu.eth Adds $6.06M USDC to Buy More HYPE (https://blockchain.news/flashnews/hype-whale-qianbaidu-eth-adds-6-06m-usdc-to-buy-more-hype-total-276-834-hype-13m-accumulated-on-chain-data)