On-chain data shows that HYPE experienced a large-scale withdrawal of tokens from multiple addresses as it approached the key support level of $60. Two wallets collectively withdrew over 375,000 HYPE from Coinbase Prime and BitGo, worth over $23 million at the time. Instead of flowing back to the exchanges, the funds were transferred to self-custodial addresses, further tightening the supply of readily available tokens in the market.

Two withdrawals totaling over $23 million

According to Lookonchain monitoring, a newly created wallet withdrew 278,827 HYPE from Coinbase Prime, worth approximately $17.45 million. Subsequently, address 0x2386 became active again after a month of inactivity, withdrawing 96,930 HYPE from BitGo, worth approximately $6.01 million.

The two transactions totaled over 375,000 HYPE tokens. Since the tokens were transferred to a private escrow address rather than an exchange, this is generally seen as a signal of holding, and also means a reduction in the supply available for short-term selling.

Retail investor participation remains low.

In contrast to the actions of whales, retail investor participation remains low. The Trading Frequency indicator cited in the article continues to show "Few Retail," indicating that small traders have not yet entered the market in large numbers.

This means that recent changes in positions surrounding HYPE (Highly Expected Stocks and Higher Equity) have been primarily driven by large-scale capital inflows, rather than by widespread speculative buying. At least from the current perspective, market sentiment has not yet reached an overheated stage.

$60 support and liquidity above $66

HYPE previously retreated from its high near $76 and is currently trading above the key support zone around $60. This level coincides with both the neckline of a cup and handle pattern and the uptrend line since mid-May, making it a crucial area for short-term trading.

The article mentions that the RSI has fallen back to 48.7, breaking below the neutral level of 50 and also below the moving average of approximately 55.2, indicating that buying pressure has cooled during the pullback. However, as long as the $60 area is not breached, the overall upward structure remains intact.

Binance's liquidation heatmap shows a high concentration of liquidation liquidity above the current HYPE price. The first significant area is between $63.5 and $64.5, with even greater liquidity concentration around $66, close to the $66.88 resistance level on the daily chart.

If the bulls continue to hold the lower support level, the price may be attracted to these upper liquidity zones. A concentrated liquidation could trigger amplified short-term volatility. Therefore, the $64 and $66 areas remain the two most closely watched price zones for HYPE going forward.