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Hyperliquid’s HYPE remained above $80 after gaining about 40% over the past week, while major wallets increased activity on both sides of the market. At the same time, the Hyperliquid Policy Center renewed its case for 24/7 US energy perpetual contracts.
HYPE traded near $81.60 at the time of writing, up 1.12%. The token recently recovered from $76, held $78, flipped $80, and advanced to $83 before pulling back slightly. The price has also remained inside an ascending channel. Meanwhile, CryptoQuant data showed elevated whale activity throughout August, with large spot orders appearing near $82.
Large holders have continued accumulating HYPE despite its sharp weekly advance. Lookonchain reported that one whale resumed buying after remaining inactive for two months. The wallet withdrew 79,800 HYPE, worth $6.5 million, from exchanges. Its total holdings reached 1.36 million HYPE, valued at $95.6 million, with an average purchase price near $70.
Onchain Lens reported separate activity from another large wallet. That address withdrew 27,290 HYPE, worth about $2.23 million, from OKX. Following the withdrawal, the wallet held 74,810 HYPE worth $5.33 million. Combined, the two whales withdrew 107,090 HYPE worth approximately $8.7 million.
Still, whale activity has not remained entirely on the demand side. Lookonchain reported that another holder sold 301,937 HYPE worth $24.4 million. That sale generated more than $5.3 million in profit. Meanwhile, Hyperliquid spot netflow climbed to $6.7 million over 24 hours, indicating stronger exchange inflows and increased selling activity.
Despite those sales, buyers continued absorbing available supply, helping HYPE maintain its upward structure. The token remained above the key levels reclaimed during its latest advance. Hyperliquid’s DMI ADX Smoothing indicator also showed the positive directional index above the negative index. At the same time, ADX remained elevated, pointing to a strong prevailing trend.
The Relative Strength Index stayed close to overbought territory as the rally continued. Under the current structure, $83 remains the nearby level that buyers need to reclaim. A move through that level could place another all-time high within reach. By contrast, a close below $70 would break the current bullish structure described by the market data.
Can continued whale demand absorb profit-taking if HYPE pushes beyond $83 again?
Read More: HYPE Tests $51 Support as Hyperliquid Expands HIP-4 on Testnet
Away from HYPE trading, the Hyperliquid Policy Center is making the case for around-the-clock US energy perpetual contracts. The group linked its proposal to price gaps during periods when traditional markets remain closed.
The Commodity Futures Trading Commission opened a consultation in June on perpetual contracts for physically delivered or storable commodities such as crude oil. It later extended the comment deadline to Aug. 26.
The policy center examined 19 observable weekends involving on-chain oil perpetuals. It found that off-hours prices generally aligned with benchmark prices when traditional markets reopened.
Its research focused partly on the oil shock following the escalation of the Iran conflict in March. Traditional benchmark oil futures remained closed during part of the weekend while crude prices continued repricing elsewhere. During the weekend of March 6, crude prices shifted by about 16% while benchmark markets remained closed. The policy center used that episode to support its case for continuous energy trading.
HYPE remains above $80 after a 40% weekly gain as whales continue both accumulating and taking profits. Meanwhile, the Hyperliquid Policy Center is pushing for 24/7 energy perpetuals as the CFTC reviews how continuous derivatives trading could apply to crude oil markets.
