In recent weeks, there has been significant activity among large investors in the HYPE token. This is linked to substantial fund inflows and the recent integration of the USDC currency.
Whale Accumulation of HYPE Token
In mid-August, a whale deposited $19.38 million USDC into Hyperliquid, positioning buys in the $45–46 range. This comes after earlier purchases totaling $28 million from other large holders, underscoring continued accumulation by deep-pocketed investors.
USDC Integration and Its Impact on Liquidity
Earlier this month, Circle integrated native USDC on Hyperliquid via CCTP v2. The upgrade simplified cross-chain transfers and sparked a 3% price increase in HYPE. Moreover, native USDC access significantly improved the flow of traders into HYPE positions, with USDC inflows rising by 8.3% MoM against the industry average of just 0.4%.
Technical Analysis and Future Prospects
From a technical perspective, HYPE has stabilized after recent volatility, holding above the 38.2% Fibonacci retracement level ($45.52). However, bearish signals are apparent from the MACD and a neutral RSI. Consolidation at current levels is expected, with a breakout above the 23.6% Fib level ($47.64) potentially leading to a rise towards $51.07. Conversely, failing to hold $45 support risks a deeper pullback.
The noted activity by large investors and USDC integration presents good prospects for HYPE's growth. If the support at $45.52 holds, it may indicate opportunities to reach new all-time highs.
