A new wallet has opened a long position on HYPE, indicating a potential bullish sentiment among traders and expectations of price increases.
New Whale's Position
A new wallet has established a long position on HYPE at the Hyperliquid platform with a 10X leverage. An unknown trader funded this position with a deposit of $4.16 million USDC, initially sourced from a null address. These funds were allocated to open a long position on HYPE as well as make smaller spot purchases.
Market Expectations for HYPE
HYPE remains close to its recent peak around $45. Open interest has reached about $1.6 billion, with traders increasing their long position ratio to 65% against 35% short, indicating expected breakout potential. However, the long/short ratio varies significantly, with Hyperliquid showing an unusual predominance of short positions.
Wintermute's Activity on Hyperliquid
Reports indicate that a wallet likely associated with the trading firm Wintermute bridged $8.3 million USDC from Arbitrum to Hyperliquid. While Wintermute's main portfolio does not show HYPE ownership, previous reports suggest that the firm periodically engages with the market, which could bolster bullish expectations for HYPE.
The establishment of long positions by new whales and the activity of major players like Wintermute may signal a potential rise for HYPE in the near future, as expectations for returning to previous price levels become increasingly relevant.
