What Hyperliquid Whales Are Doing
As the Hyperliquid price struggled to stay above $40, whales and institutions took short positions on the token. One investor opened a $3 million short position between $42.82 and $43. They suffered a paper loss of $28,019. On the institutional side, Abraxas Capital bet against the market with a short position of $64.39 million, including a 5x leverage.
Hyperliquid’s price is currently oscillating between $36 and $50, displaying a bullish trend despite repeated rejections at $50. The Chaikin Money Flow indicates capital outflow at -0.25, highlighting the altcoin’s weakness. The critical price level at $36 could be decisive for what happens next.
Behind the Curtain: Market Signals Being Ignored
Despite this consolidation, on-chain data shows signs of strength. The open interest remains high at $1.84 billion, down from the record of $2.06 billion. Additionally, Hyperliquid recorded record DEX volumes of $398 billion over the past month, confirming the robustness of its DEX platform.
In conclusion, Hyperliquid continues to exhibit a bullish long-term outlook, even amid its current period of price consolidation, and traders are advised to carefully monitor the actions of major market players as well as the ongoing evolution of the price structure in order to accurately anticipate the next significant movement of this cryptocurrency.
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