Retail Traders Fuel Bullish Surge in HYPE Token
Key Takeaways
On the HYPE token of the Hyperliquid platform, two opposing market strategies are currently clashing: while large investors (so-called “whales”) are betting millions on rising or falling prices, retail investors are increasingly influencing the actual price direction. The majority of retail traders expect a price increase, which is reflected in rising market activity and positive funding rates.
Whales with Opposing Positions
Data from the analytics platform Coinglass shows that two large investors have taken opposing positions on the HYPE token. One whale has opened a long position worth 15.54 million USD at an entry price of 11.93 USD. This position is currently up approximately 34.59%, with the current price around 18 USD. The liquidation threshold is at 3.25 USD.
The second whale, on the other hand, is betting on falling prices (short position) and entered with 12.80 million USD at 14.209 USD. This position is currently showing a loss of 22.13%, with a liquidation threshold at 25.95 USD.
Retail Traders Driving the Market
In contrast to the conflicting whale positions, data shows that retail investors are predominantly betting on rising prices. The majority have opened long positions, indicating a bullish market environment. Trading volume has increased by 5.73% within 24 hours to 274.91 million USD – a sign of growing buying interest.
The so-called Volume-Weighted Funding Rate has remained consistently positive since April 20. This metric combines trading volume with the funding rate and indicates whether the majority of market participants are betting on rising or falling prices. A positive value – as currently seen with HYPE – signals bullish behaviour.
Open Interest and Liquidations Confirm Trend
Open Interest – the total value of all open derivative positions – has returned to the level seen on February 22. At that time, the volume exceeded 560 million USD, primarily due to long positions. This development supports the assumption that the market is currently dominated by buyers.
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In the past 24 hours, traders betting on falling prices have incurred losses amounting to 47,790 USD. Of this, 37,230 USD came from short positions, while long traders only lost 5,530 USD. These liquidation figures reinforce the impression of a bullish trend.
Funding Rate Favouring Long Traders
The current funding rate is 0.0099%. This means that long traders are paying a fee to short traders to balance the difference between the spot and futures price. In practice, this shows that long traders are willing to pay a premium to maintain their positions – another signal of a bullish market environment.
Our Assessment
The HYPE token is currently caught between large investors with opposing expectations. However, the data shows: the majority of retail investors are betting on rising prices. Increasing trading volume, positive funding rates, and rising open interest suggest a continuation of the upward trend. If this trend continues, the short whale could come under pressure and be forced to liquidate their position. Anyone interested in trading HYPE should closely monitor the behaviour of retail traders – they could be the deciding factor.
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