HYPE’s price has experienced a significant surge over the past week, increasing by 40% and reaching a new all-time high above $64.
Profit-Taking Slows Rally
The rally appears to have slowed in the last 24 hours, with some investors opting to take profits rather than pursue further gains. HYPE climbed from below $40 to over $64 in the past few weeks, marking the most impressive rally in the crypto market during that period. This surge added billions of dollars to Hyperliquid’s total market capitalization and was driven by increased trading volume and substantial interest.
Whale Activity Signals Shift
As anticipated, the rally has begun to slow as some investors seek to realize profits. The on-chain analytics account Lookonchain identified a wallet that sold 151,574 HYPE, valued at $9.25 million, a few hours ago. The trader has also placed limit sell orders for an additional 170,000 HYPE, worth approximately $10.6 million, at prices between $63.45 and $70.55.
Market Position and ETF Performance
At the time of this report, HYPE is the 11th-largest cryptocurrency project by total market capitalization, estimated at around $15 billion. The altcoin is undoubtedly the best-performing large-cap crypto this week, and its price surge has brought it close to surpassing Dogecoin for the 10th position.
HYPE-based spot exchange-traded funds are also experiencing a surge in assets under management, contrasting with a generally declining market. While Bitcoin ETFs saw over a billion dollars in AUM outflows, HYPE attracted more than $70 million, according to CryptoPotato.
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