- HYPE drops 8.50% as altcoins face heavy selling pressure amid market volatility.
- Bitcoin slips below $90K, adding pressure to the broader crypto market.
- Bybit hack shakes market after $1.4 billion in crypto is stolen, fueling sell-off fears.
- Whales accumulate HYPE with millions in USDC deposits despite the bearish trend.
The cryptocurrency market is facing intense volatility, with HYPE experiencing a sharp decline as broader altcoin prices tumble. The downturn comes in the wake of a massive cybersecurity breach at the Bybit exchange, where hackers reportedly stole over $1.4 billion in digital assets, primarily Ethereum (ETH). This has triggered widespread fear of a potential sell-off, adding to the already fragile market sentiment.
Bitcoin (BTC) has also suffered a steep decline, slipping below $90,000, which has further pressured altcoins. The cascading effect has led to significant losses across the market, with Hyperliquid among the tokens facing heavy selling pressure.
Currently, the token is trading at $19.74, with a 24-hour trading volume of $204.76 million and a market cap of $6.59 billion, reflecting an 8.50% drop in the past day.
Interestingly, despite the bearish market conditions, the token has recorded its highest weekly trading volume against Binance perpetual contracts. Data shows that Binance accounts for 83.6% of the trading volume, while Hyperliquid holds 16.4%, sparking speculation about a potential “bullish dump” scenario.
Whales Accumulate HYPE Despite Market Volatility
Amid this volatility, on-chain data suggests that large investors are accumulating the token. Lookonchain data reveals that multiple whale wallets have made significant purchases.
A wallet (0x9f70…DB0D) deposited $5 million USDC into Hyperliquid just 15 hours ago to buy HYPE, while another (0x8AD6…f23D) added $2.07 million USDC in the past 24 hours. Additionally, a third wallet (0x48F1…359c) deposited $1.35 million USDC just 8 hours ago.
While market sentiment remains shaky, whale activity suggests growing confidence in the token’s long-term potential. Whether this accumulation leads to a price rebound or further declines remains to be seen, but the coming days will be crucial for the token and the broader crypto market.
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