Hyperliquid (HYPE) climbed to $82, whale increased its holdings by $26 million, and platform destroy

Core Points

• Technical form shows that the target price is US$100, but the possibility of a correction still exists.
• According to Ran Neuner, regulatory challenges are the main concern.
• HYPE has risen 4% in the past 24 hours and is now close to US$82, with a year-to-date increase of more than 220%.
• Major whale investors purchased an additional US$26 million worth of HYPE tokens and pledged them, expanding their total positions to US$322 million.
• The platform destroyed 32,770 HYPE tokens (approximately US$2.65 million) in a single 24-hour cycle with an average price of US$81.
• Open interest on the platform increased to US$8.1 billion from US$7.9 billion last week, despite a 79% decline in Bitcoin trading activity over the same period.
• Technical analysts predict the next price milestone of $100, but some analysts expect it may step back to $75 before then.

Hyperliquid (HYPE) Price Trend and Market Trends

Hyperliquid's HYPE token is currently positioned at around US$82, representing a year-to-date increase of more than 220%. This performance makes the asset the ninth-largest cryptocurrency by market value, with a valuation of $18.2 billion.

In the last 24-hour trading cycle, the token rose 4% in part due to Hyperliquid's integration of Solana-based mein USELESS. After announcing the launch, USELESS prices rose 15% and trading volume surged 30% to $173 million.

Whale investors continue to actively increase their holdings

A well-known whale investor demonstrated his continued aggressive accumulation of HYPE tokens. Data from blockchain data analysis platform Lookonchain shows that an additional 308,569 HYPE tokens-worth approximately US$26 million-were purchased at address 0x6436 and the entire amount was immediately pledged. The transaction increased the wallet's total holdings to 4.05 million HYPEs worth approximately US$322 million, with all tokens currently in pledge.

Crypto Banter highlighted the activity on X (formerly Twitter), noting that the same wallet address has maintained a stable buying and pledge pattern since early summer, including the acquisition of 3.24 million HYPEs last week.

Token supply dynamics: Repurchase and destruction

Regarding token supply dynamics, based on on-chain data shared by OnchainLens, Hyperliquid performed the repurchase and destruction of 32,770 HYPE tokens worth approximately US$2.65 million in a single 24-hour window with an average cost of US$81.01 per token. The cumulative lifetime destruction volume to date has now reached 48.57 million HYPEs, worth approximately US$3.82 billion based on current market interest rates.

Technical Analysis: $100 Target and Potential Callbacks

Open interest contracts on the Hyperliquid platform widened from $7.9 billion to $8.1 billion this week, indicating that market participants continue to build positions in anticipation of further appreciation.

In contrast, Bitcoin transaction volume on the platform shrank sharply-from 3.08 million transactions in the week of August 16 to just 656,000 last week, a drop of 79%. In addition, a bearish divergence occurred on the daily chart time frame, indicating that momentum may deteriorate.

From a technical analysis perspective, after HYPE broke through the US$75 resistance level, a bullish flag pattern was formed. Market analysts continue to support the $100 price target, but also acknowledge the possibility of a possible mid-stage correction towards $75, which would constitute a drop of about 13% from current trading levels.

Regulatory challenges are seen as major risks

Ran Neuner (founder of Crypto Banter) participated in Cointelegraph's Chain Reaction podcast and pointed out that regulatory oversight is the biggest challenge Hyperliquid faces. He noted that government authorities have begun to regulate centralized cryptocurrency exchanges and expects decentralized platforms to face similar scrutiny in the future.

Despite this concern, Neuner emphasized that Hyperliquid's established network effects provide significant competitive advantages. "You can't replicate a network," he explained, comparing it to Uber's market position in the online ride-hailing industry.

Regarding regulatory developments, President Trump announced in August that Commodity Futures Trading Commission (CFTC) Chairman Michael Selig was actively working to promote Hyperliquid's entry into the U.S. market in a "fully compliant and legal manner." HYPE prices surged about 20% after the announcement, when trading at nearly $70.

Currently, HYPE is trading at US$82, with a fully diluted market value of approximately US$78.4 billion.