Bitcoin [BTC] and Hyperliquid [HYPE] saw Open Interest rise sharply, led by BTC at $3.56B and HYPE at $1.29B.
This jump coincided with a rapid climb in trading volume, which touched $21B, accompanied by a steep cumulative curve. What’s fueling this rise?
Treasury inflows worth $844M from U.S. firms might be the spark. Naturally, institutional entry tends to create both directional momentum and leverage appetite.
Institutional moves signal bigger bets
The gradual increase in Open Interest coincided with companies probably hedging or positioning themselves in BTC and other newer instruments, such as HYPE.
The movements could be followed by increased volatility and directional momentum thanks to the institutional liquidity.
BTC and HYPE now sit at the intersection of treasury capital and high-beta trading strategies. In short, they may become core plays in this liquidity expansion phase.
Address 0x55 purchased 59,719 HYPE worth $2.31 M at the price of $38.68. Address 0xe6 also bought 53,645 HYPE at the rate of $39.30, spending $2.11M.
Moreover, “0x26” purchased 37,160 HYPE at the price of $40.70, investing $1.51M, as well as opening leveraged longs – on HYPE 10x and on Bitcoin 20x.
These actions implied the increased certainty regarding the growth in both of these assets.
The high level of purchases, combined with using leverage, was a sign of positive momentum in the future.
This was especially in the case of extending a positive mood on the whole market towards crypto treasuries and altcoin liquidity.
Caution from price sparks profit-taking
Technically, the price action of HYPE was still extremely healthy. Despite the aggressive whale inflows, HYPE showed a mild weekly bearish RSI divergence on the chart.
This project emerged as the top non-meme coin of the cycle. After surpassing last year’s high, the market structure held steady, despite a mild weekly bearish RSI divergence.
Although the RSI suggested a possible cooling-off period, the fundamentals remained bullish, particularly with ongoing buybacks absorbing hundreds of millions.
Nonetheless, caution was advised.
One whale exits — but not without bagging millions
On that note, a single whale did a big dump by unstaking and selling 126,772 HYPE worth $5.31M at a price of $42.
This earned them profits of $2.89M.
It wasn’t panic-selling — it looked more like surgical profit-taking at a zone of strength.
That said, shorting remains risky in a trend leader like HYPE. For now, this may just be a cooldown — unless follow-up selling deepens.
Despite the technical explanation showing the potential consolidation in the near future, the whales seemed to equally balance exits and re-entries around strength zones.
