Hyperliquid has stepped into a crucial session as Grayscale filed for an 8-K with the U.S. Securities and Exchange Commission connected to its Hyperliquid staking ETF.
It is important to note that the filing revolves around the existing ETF process but does not necessarily represent a new ETF application.
This proposed product will offer market participants with exposure to HYPE while at the same time incorporating staking rewards into its structure.
The filing is also in accordance with the broader infrastructure development around institutional access to HYPE and its ecosystem.
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HYPE unlock meets whale accumulation
3.75 million Hyperliquid tokens, valued at $340 million, are unlocking today, October 6.
The release notably represents a significant addition to the HYPE’s circulating supply during the prevailing session.
The unlock coincides with a persistent accumulation from a large HYPE investor, with the whale accumulating 158.78K HYPE valued around $13.08 million within one month.
Reportedly, the whale’s most recent transaction involved purchasing and withdrawing another 54.02K HYPE valued roughly at $5.13 million from Coinbase Prime.
The previous transactions highlighted the same wallet withdrawing HYPE tokens repeatedly from Coinbase Prime amid the accumulation period.
Spot outflows deepen the accumulation trendÂ
Beyond the whale accumulation activity, HYPE’s wider Spot flows highlight tokens continuing to move away from trading exchanges. As of the time of writing, Hyperliquid had registered approximately -$4.58 million in Spot netflows.
The negative netflows implied that more HYPE tokens were removed from exchanges than the deposits them during the 24-hour measured period.
Additionally, the recent reading follows various other periods of net outflows notable throughout September and early October.
Now with the exchange outflows validating the accumulation trend, focus shifts to whether price can convert that demand into a sustained breakout.Â
Can strengthening indicators drive a breakout?Â
On the daily timeframe chart, Hyperliquid [HYPE] recovered strongly after defending the $85 support region during its late-September price correction.
The recovery pushed the price towards the key $94.91 resistance before HYPE slightly pulled back to around $93.36.
Notably, the $94.91 price level now represents the immediate resistance separating the price recovery from another attempt towards the $100 area.
The RSI indicator stood at 59.06 above its signal average of 57.27, suggesting that buying strength still holds without reaching overbought territory. Additionally, the DMI readings support the bulls, with the +DI signal at 27.30 compared with the -DI signal at 11.86.
The ADX strength indicator, meanwhile, stood at 34.70, implying that the prevailing directional trend remains relatively strong.
A confirmed move above the $94.91 resistance would therefore strengthen the bullish structure and expose the psychological $100 target zone.
Final Summary
- HYPE’s $340 million unlock arrives as whale accumulation and Spot outflows remain strong.
- HYPE will need to break above $94.91 to extend its price recovery towards the psychological $100 level.
