HYPE whale buying tops $72M as HIP-3 upgrade nears

HYPE traded near $82 on Sept. 3 as whale wallets accumulated roughly $72.8 million in the token ahead of the HIP-3 upgrade.

Lookonchain, the on-chain analytics firm, tracked wallet 0x6436 purchasing 430,224 HYPE worth $35.1 million, while a separate newly created wallet withdrew 94,149 HYPE valued at $7.66 million from exchange FalconX. Ted Pillows, a crypto analyst, separately reported a $30 million whale purchase of HYPE.

The accumulation comes as HYPE trades within a $77-$86.80 range established since Aug. 23, roughly 70 percent above its 200-day simple moving average. The token's RSI at 45.42 and a MACD death cross at -0.16 suggest limited momentum, though price sits between Bollinger Bands of $79.91 and $85.07, according to market data.

The HIP-3 upgrade, which requires staking 500,000 HYPE to deploy a perpetual market, provides the fundamental driver. Whether whale accumulation sustains through the upgrade will determine if HYPE can break above $86.80 and target $90.

Whale Flows Show Accumulation, Not Distribution

The reported purchases reduce exchange supply. The FalconX withdrawal moves tokens into a new wallet, a pattern consistent with accumulation rather than distribution. However, not all whale activity is one-directional. Another large holder closed a position of 969,595 HYPE valued at roughly $79.2 million, according to Arkham data, suggesting profit-taking from earlier buyers is being absorbed by new demand.

HYPE's inclusion in the Hashdex Nasdaq CME Crypto Index ETF (NCIQ) at a 3.4 percent weighting broadens institutional access. The fund manages roughly $431.4 million and holds about 177,313 HYPE, according to Hashdex.

HIP-3 and the Regulatory Crossroads

The upgrade's timing matters. Bloomberg reported Hyperliquid Labs is in talks with Kraken's parent Payward to bring perpetuals to U.S. traders through regulated exchange Bitnomial. Meanwhile, North Korean hackers reportedly laundered $30 million through Hyperliquid over three weeks, drawing regulatory scrutiny to the platform's permissionless design.

HIP-3 does not make Hyperliquid permissioned. It adds an option for market deployers to restrict access via on-chain allowlists when needed, while the rest of the platform remains open. For institutional counterparties and specific jurisdictions, that flexibility could matter.

The reported whale purchases and HIP-3 upgrade give HYPE a stronger narrative, but they don't settle the price question. If accumulation continues and HIP-3 adoption follows, HYPE could make a stronger case for a rally toward $90. A decisive break below $77, however, would open the way to a deeper correction toward $73.

This article is for informational purposes only and does not constitute investment advice.