Key facts
- HYPE tokens are trading above $70 despite broader market selling pressure.
- Galaxy Digital withdrew approximately $12.62 million worth of HYPE tokens from Coinbase.
- A new wallet, 0x6436, accumulated approximately $28.92 million worth of HYPE tokens in two days.
- Total institutional withdrawals from exchanges exceed $40 million within hours.
- HYPE has shown relative strength and outperformance against Bitcoin and Ethereum since mid-May.
HYPE tokens are maintaining a price above $70 despite widespread selling pressure across the crypto market. This resilience is highlighted by significant institutional activity, including Galaxy Digital withdrawing approximately $12.62 million worth of HYPE from Coinbase and a new wallet, identified as 0x6436, accumulating around $28.92 million over two days. These withdrawals, totaling over $40 million, occurred while Bitcoin and Ethereum are under pressure, indicating a divergence in institutional behavior. HYPE has demonstrated relative strength since mid-May, outperforming major cryptocurrencies. Analysts attribute this strength to the token's protocol utility, increasing ETF adoption, and sustained investment from firms like a16z. Technically, HYPE is trading above key moving averages and has defended the $70 level, suggesting continued bullish momentum and potential for further price discovery.