Venture capital firm No Limit Holdings has initiated a strategic purchase of HYPE tokens, placing buy orders worth $2.5 million in USDC on the Hyperliquid platform. The orders are set within a price range of $31.88 to $35.88, according to on-chain analyst Ai Yi. HYPE is currently trading at approximately $38.60, above the targeted range, indicating the firm's bullish outlook on the token.
On-Chain Activity Details
Blockchain data reveals that address 0x4c6…e015a recently deposited 7.26 million USDC into Hyperliquid. Subsequently, 4.76 million USDC was transferred to four separate addresses, while the remaining funds were allocated specifically for HYPE purchases. This distribution strategy may help optimize execution and reduce market impact.
Market Context
At $38.60, HYPE trades about 7.6% above No Limit Holdings' maximum buy price of $35.88. If executed within the range, the firm could achieve a favorable average entry. Recent weeks have seen heightened whale activity: on May 20, a whale acquired 76,600 HYPE worth $3.8 million; on May 17, whales accumulated over 205,000 HYPE and opened long positions; and on May 15, an address opened a $13.2 million short position with 10x leverage. HYPE is the native token of Hyperliquid, a decentralized derivatives exchange, and the move by No Limit Holdings signals continued institutional interest. However, investors should note that since the current price exceeds the target range, the actual filled order amount may be less than intended.