HYPE Unlocks $340M as Whales Accumulate and Price Eyes $100 Breakout

Hyperliquid (HYPE) is facing a pivotal moment as Grayscale filed an 8-K with the U.S. Securities and Exchange Commission regarding its Hyperliquid staking ETF. The filing pertains to an existing ETF process rather than a new application. This proposed product aims to provide exposure to HYPE while incorporating staking rewards, aligning with broader efforts to enhance institutional access to the token.

On October 6, 3.75 million HYPE tokens, valued at $340 million, are unlocking, significantly increasing the circulating supply. This unlock coincides with substantial accumulation from a large investor, who acquired 158.78K HYPE (around $13.08 million) over the past month. The whale recently purchased and withdrew an additional 54.02K HYPE (approximately $5.13 million) from Coinbase Prime.

Spot outflows further support the accumulation trend, with HYPE registering about -$4.58 million in netflows. This indicates more tokens are being removed from exchanges than deposited. The negative netflows have been consistent throughout September and early October.

Technically, HYPE has rebounded strongly after defending the $85 support level. The price is now testing the $94.91 resistance, with a pullback to around $93.36. The RSI stands at 59.06, indicating buying strength without being overbought. The ADX strength indicator is at 34.70, suggesting a strong directional trend. A confirmed break above $94.91 could push HYPE toward the psychological $100 target.