HYPE was quoted at about $80.91 on Oct. 16, according to TradingBeats data cited by BlockBeats. Between $77 and $78.12 below the current price, the market showed 10 buy orders totaling roughly 190,600 HYPE, worth about $14.8 million. Those bids sat around 3.5% to 4.8% below spot. Of that total, around $10.8 million was added today, accounting for about 73%.
The largest cluster appeared between $77.44 and $77.51, where two roughly $4 million buy orders were placed by accounts that currently hold no HYPE, indicating plans to open long positions on a pullback. One order at $77.51 was added today. Another large block sat at $78.12, where two addresses with no current HYPE exposure placed bids worth about $3 million and $1.689 million early today. A smaller $386,000 bid at $77.149 was tied to an existing long adding to its position, while about $1.726 million in bids between $77.08 and $77.717 came from two existing shorts looking mainly to cover. Based on current positions, about 88% of the buy orders were linked to new longs or long adds, and around 12% to short covering.
HYPE was trading at about $80.91 on Oct. 16, according to TradingBeats data cited by BlockBeats. In the $77 to $78.12 range below the current price, there were 10 buy orders totaling roughly 190,600 HYPE, worth about $14.8 million. Those bids were placed around 3.5% to 4.8% below spot. About $10.8 million of the total was added today, equal to roughly 73%.
Largest bids were concentrated at three price levels
The biggest cluster sat between $77.44 and $77.51, where buy orders totaled about $8 million. Two orders of roughly $4 million each came from accounts that currently hold no HYPE and were identified as plans to open long positions after a pullback. One of the orders, at $77.51, was added today by address 0x2c6f….
At $78.12, buy orders totaled about $4.689 million. Two addresses with no current HYPE holdings placed orders worth about $3 million and $1.689 million, both added early today. The addresses were 0xafe4… and 0x6cb9….
At $77.149, there was another buy order worth about $386,000, linked to an existing long position adding exposure. The address was 0x90db….
Some bids were placed for short covering
Between $77.08 and $77.717, buy orders worth about $1.726 million came from two existing short positions. Based on current positioning, those orders would mainly be used to reduce shorts if filled. The addresses were 0x6749… and 0xb0f0….
Based on current positions, about 88% of the buy orders were tied to new long entries or long adds, while around 12% were intended for short covering.
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