HYPE whales withdraw $23M near support

• Large holders withdrew more than $23 million worth of HYPE from Coinbase Prime and BitGo.
• The withdrawals reduced exchange supply as HYPE traded near a key support zone around $60.
• Technical indicators suggest traders are watching resistance levels near $66.88 and $73.64.

Hyperliquid (CRYPTO:HYPE) attracted significant whale accumulation after two wallets withdrew more than 375,000 HYPE tokens worth over $23 million from Coinbase Prime and BitGo while the token traded near the $60 support area.

The withdrawals occurred as HYPE retreated from a recent high near $76 and approached a technical support zone formed by an ascending trendline and the neckline of a developing cup-and-handle pattern.

One newly created wallet withdrew 278,827 HYPE valued at approximately $17.45 million from Coinbase Prime, while wallet 0x2386 removed a further 96,930 HYPE worth around $6.01 million from BitGo after a month of inactivity.

Both wallets transferred their holdings into private custody rather than depositing tokens onto exchanges, reducing the amount of HYPE immediately available for trading.

Retail participation remained limited according to Trading Frequency data, suggesting that recent market activity was driven primarily by larger investors rather than widespread speculative demand.

The Relative Strength Index fell to 48.7 from higher levels, reflecting weaker short-term momentum, although HYPE continued to hold above the key $60 support confluence.

Binance liquidation data showed concentrated liquidity clusters between $63.5 and $64.5 and near $66, indicating those levels could attract price action if buyers continue defending support and attempt to push HYPE towards resistance at $66.88.

At the time of reporting, Hyperliquid price was $64.11.