Institutional Shifts and Whale Bets Push HYPE Toward Historic Breakout

HYPE, the native token of the Hyperliquid blockchain, reached a new all-time high of $51.84 on September 8, driven by significant whale accumulation and bullish market sentiment. Over the past 16 hours, several large wallets have acquired over $24 million worth of HYPE tokens, with major accumulators including accounts such as qianbaidu.eth, which purchased 260,900 HYPE ($13 million), and 0xe0f0, which opened a long position of 136,906 HYPE ($6.9 million) [4]. This surge in accumulation has coincided with a 7% rise in the token’s price over the last 24 hours, alongside a 13% increase in the past week [4].

The growing interest in HYPE is also reflected in the actions of institutional and corporate actors. Lion Group Holding, a Nasdaq-listed trading platform based in Singapore, announced its decision to gradually shift its holdings of Solana (SOL) and Sui (SUI) into HYPE tokens. The company cited the recent launch of institutional custody solutions for HYPE in the United States by BitGo as a key factor in its decision. By doing so, Lion Group aims to enhance portfolio efficiency and capitalize on potential sustained growth. The company currently holds over 128,000 HYPE tokens and would add another 96,000 if it sold its holdings of SOL and SUI at current prices [1].

Whale activity has also been reinforced by bullish technical indicators. Analysts highlight a strong support trend line on the price chart, with HYPE testing key resistance at $52. A breakout past this level could lead to further gains toward $54–$56 [4]. On-chain data shows that whales have been defending the $47 support level by accumulating large amounts of HYPE, with several large deposits and leveraged long positions reported by on-chain monitoring platforms [5]. Open Interest in HYPE futures has surged to $2.18 billion, reflecting heightened speculative activity and growing confidence in the token’s upside potential [5].

In parallel, the Hyperliquid community is preparing for a critical governance vote on September 14 concerning the USDH stablecoin. This initiative aims to replace USDC, the current stablecoin used on the platform, with a native USD-pegged stablecoin that would redirect up to $5.5 billion in reserves and generate an estimated $220 million in annual yield for HYPE holders [4]. The auction process for USDH has attracted bids from major crypto entities, including Paxos, Frax Finance, and Agora. Each proposal outlines a different approach to yield distribution, compliance, and liquidity provision, with validators set to vote on the final winner in a transparent on-chain process [2].

The strategic shift by Hyperliquid to launch USDH marks a significant departure from its reliance on USDC, which has historically accounted for nearly 95% of the assets on the platform. This change could reduce Circle’s exposure to Hyperliquid-related revenue, currently estimated at $150–200 million annually [2]. For DeFi, the USDH initiative represents a broader shift in governance models, where protocols are increasingly taking control of key infrastructure decisions, aligning incentives with their user communities.

Market analysts remain cautiously optimistic about HYPE’s trajectory, noting that continued accumulation, strong derivatives activity, and rising staking demand reinforce a bullish narrative. If the current momentum persists and the USDH transition is executed successfully, HYPE could continue its upward trend, potentially challenging its $51.84 all-time high and setting the stage for further appreciation in the near term.

Source:

[1] Lion Group Buys HYPE Token, Sells Solana, Sui (https://cointelegraph.com/news/lion-group-buys-hype-token-sells-solana-sui)

[2] Circles Revenue At Risk As Hyperliquid Opens Auction For ... (https://www.forbes.com/sites/tomerniv/2025/09/08/circles-revenue-at-risk-as-hyperliquid-opens-auction-for-usdh/)

[3] Sky Joins Bidding War for Planned Hyperliquid Stablecoin (https://cointelegraph.com/news/sky-bidding-war-launch-hyperliquid-usdh-stablecoin)

[4] Massive Whale Buys Push HYPE to New All-Time High (https://cryptopotato.com/massive-whale-buys-push-hype-to-new-all-time-high/)

[5] Whale accumulation drives Hyperliquid – Is a HYPE ATH ... (https://ambcrypto.com/whale-accumulation-driving-hyperliquid-is-a-hype-ath-ahead/)