TL;DR

Whale opens $120M in leveraged longs across BTC, ETH, PEPE, and HYPE amid market shift. HYPE retests key $44–$45 support zone after rally; RSI and SAR support ongoing strength. Hyperliquid hits $648B Q2 volume, expands access through Phantom wallet in EU region.

Major Trader Takes Leverage Across Markets

A large wallet holder with a strong track record on Hyperliquid has opened sizable leveraged positions across multiple tokens. These include 40x long on Bitcoin, 25x on Ethereum, and 10x each on PEPE and HYPE. The total value of the open positions stands at $120.8 million, with current unrealized profits of $1.17 million.

A smart whale with $73.85M in profits on #Hyperliquid is placing big long bets:

• $BTC (40x), $ETH (25x), $HYPE (10x), and $PEPE (10x) — all max-leverage longs.

• Current position size: $120.8M

• Unrealized PL: +$1.17M

The whale is also a major $HYPE holder, sitting on… pic.twitter.com/dsANXnesf2

In addition, the same address also holds over 501,000 HYPE tokens, currently worth around $23.35 million. This position alone shows an unrealized gain of $12.48 million, representing a 115% increase. Onchain data also shows a separate wallet depositing $8.62 million in USDC and placing a new order to buy HYPE.

Price Holds Key Support After Breakout

HYPE was trading at $46.98 at the time of writing, up 3% in the last 24 hours. Over the past week, the token has pulled back by about 4%, but it continues to follow a steady upward path that began in late March.

Recently, HYPE moved above the $44–$45 zone, a level that acted as resistance in previous sessions. That same range is now being tested as support.

A bounce from this area could point toward another push toward $49 and the $50 mark. If the zone fails to hold, the next possible support sits near the rising trendline at around $42.

Source: TradingView

Indicators Show Ongoing Market Strength

On the technical side, the Parabolic SAR remains below the price line, a sign that the current uptrend is still active. The RSI reads 62.68, just under the signal line at 63.15. These levels are consistent with a market in trend, without signs of exhaustion.

According to Coinglass, daily trading volume on Hyperliquid rose by more than 63% to reach $1.46 billion. Open interest also increased by nearly 2%, now standing at $2.13 billion.

As reported by CryptoPotato, the Hyperliquid platform has added new access points. Phantom wallet now supports direct perpetual trading for users in the EU. This new feature runs through Hyperliquid’s API and keeps full control in users’ hands.

Recent volume numbers show steady platform growth. In the last quarter alone, Hyperliquid processed $648 billion in trades.

Over the past year, it recorded $1.57 trillion in total volume. The exchange now holds more than 60% of the perpetual DEX market, outperforming its nearest competitor by a wide margin.