hyperliquid

On December 24, on-chain analyst Auntie identified notable activity on Hyperliquid:
Three addresses deposited 2.47M USDC as collateral.
They opened 1.69M TST long positions, representing 42.3% of Hyperliquid’s total TST Open Interest.
These three addresses now hold the top three TST long positions on the platform.
Why they might be linked to a single entity:
Identical transaction patterns: BTCB withdrawn from binance → deposited to Aster → USDT withdrawn.
Collateral sourced directly from Gate or OKX and deposited into Hyperliquid.
TST longs are their only current holdings on Hyperliquid.
Notable history: One address (0x48c…bc9d0) previously opened a $TST long in early December, netting $31,000 profit.
This surge hints at a potential whale positioning in TST, which could influence market dynamics on Hyperliquid.
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Large holders have been buying Hyperliquid while the price moves down instead of chasing the price when it moves up. This behavior matters because it often shows calm belief rather than fast trading. Over the past weeks whales added a large amount of HYPE close to the current price zone. The total value of these buys is over twenty one million dollars. Most of this buying happened as price moved toward the low twenties. This is important because it shows buyers were not waiting for clear upside strength. They stepped in when fear was higher and price was weaker.
This type of buying usually means the downside is being absorbed. When big holders buy during drops it reduces the amount of tokens available for quick selling. Even though price is still under pressure these buyers continue to hold. That tells us they are not looking for a quick flip. They are willing to sit through short term noise. This does not promise an instant bounce but it changes the risk near support.
The chart also supports this view. HYPE is moving inside a falling wedge shape. Price is holding just above the lower edge near the low twenty two area. A wedge like this often shows that selling strength is fading step by step. Each new drop is smaller than the last one. The RSI is low which shows the market is tired. At the same time it is not making new sharp lows. This tells us sellers are losing control slowly.
Resistance still exists and it should not be ignored. The first area where sellers may return is near thirty. A wider level sits closer to the mid thirties. Until price breaks out of the wedge the trend is not confirmed. Still the balance between risk and reward is shifting. Moves up may start to react faster than moves down.
Another key signal comes from exchange flows. Tokens continue to leave exchanges even while price is weak. This means holders are not rushing to sell. When assets move off exchanges it usually shows lower short term sell intent. Earlier large outflows already happened which suggests heavy selling is mostly done. What matters now is that flows have not turned positive again. This keeps liquid supply tight near current levels.
When supply tightens price becomes more sensitive. It does not take a huge amount of buying to move price once structure breaks. This is how slow accumulation often leads to sharp reactions later.
Trader positioning adds another layer. Top traders are leaning long even as price stays low. This bias is steady not extreme. That balance is healthy. It shows belief without excess risk. Traders seem to expect a reaction rather than a deep drop.
Leverage data also looks calmer. Funding rates are near neutral and no longer swinging hard. This tells us forced selling has likely passed. When leverage cools price movements become cleaner and more driven by real buying and selling.
Taken together these signals point to a key moment. Accumulation is happening. Supply on exchanges is shrinking. Leverage pressure has eased. Price is compressing in a tight range. None of this guarantees a rally. But it does suggest that downside strength is weaker than before. If demand improves even slightly the move up could be faster than many expect.
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