HYPE has surged above its all-time highs, reaching $65 yesterday in a move that has captured the attention of the broader crypto market at a moment when most assets are struggling under selling pressure. The breakout is significant on its own terms — but data from Hyperliquid has surfaced a detail about who is accumulating the asset that adds a layer of conviction signal to the price action that the chart alone cannot provide.
Garrett Jin — the whale identified as the trader who placed a $735 million short position on Bitcoin immediately before the October 10 market crash, a call that became one of the most discussed and most accurate large-scale trades of the cycle — has been buying HYPE over the past four days.
The accumulation totals 145,050 tokens at an approximate cost of $9.05 million. More significantly, Jin has placed a TWAP order — a time-weighted average price execution that automatically continues buying at measured intervals — to acquire an additional 39,940 HYPE worth approximately $2.44 million.
TWAP orders are not reactive trades. They are deliberate, systematic accumulation strategies used by participants who want to build a position over time without moving the market against themselves. Garrett Jin is not responding to HYPE’s all-time high breakout. He has been building toward it — and has automated the next phase of that build to continue regardless of short-term price fluctuations.
The trader who called October’s crash is telling the market something specific about where he thinks HYPE goes from here.
A $9M HYPE Bet Alongside $77M in Active Positions
The Hyperliquid data reveals the full portfolio context that makes the HYPE accumulation more significant than a standalone transaction. Garrett Jin is not a participant whose entire focus has shifted to HYPE. He is actively managing a multi-asset book simultaneously — and the HYPE position is being built alongside, not instead of, his existing commitments.
On the long side, Jin holds 504.4 Bitcoin worth approximately $38.9 million — a substantial directional bet on Bitcoin’s recovery that reflects continued conviction in the broader crypto market despite the recent weakness that has tested most participants. The position size places him in a category of trader whose Bitcoin view carries real financial consequence rather than speculative noise.
On the short side, Jin holds 57,460 ZEC worth approximately $38 million — a position currently down approximately $2.11 million, representing a deliberate bet against Zcash that he has maintained through that unrealized loss rather than cutting at the first sign of pressure. The willingness to hold a losing short reflects the same conviction management that characterizes his track record.
The combined picture describes a trader running approximately $77 million in active directional positions across three assets simultaneously — while systematically adding to HYPE through an automated accumulation order. This is not a casual allocation or a momentum chase. It is a calculated addition to an already substantial and actively managed book from the same participant who identified October’s crash before it happened.
HYPE Enters Price Discovery After Explosive Breakout
HYPE has entered a powerful price discovery phase after breaking decisively above its previous all-time highs near the $50 level. The daily chart shows a clear acceleration in momentum over the past two weeks, with buyers reclaiming control after months of consolidation and gradually building higher lows since March. The breakout above the previous resistance zone triggered an explosive expansion move that pushed HYPE toward the $65 region, confirming one of the strongest trend structures currently visible across the crypto market.
What makes the move particularly significant is the combination of price strength and volume expansion. Recent candles show rising participation as HYPE pushed vertically higher, suggesting the rally is not occurring on thin liquidity alone. Volume increased aggressively during the breakout, reflecting strong market interest and sustained buying pressure rather than a temporary short squeeze.
Technically, HYPE remains firmly above the 50-day and 100-day moving averages, both of which are now trending upward and acting as dynamic support zones. The 200-day moving average sits far below current price levels near the mid-$30 range, highlighting how extended the current bullish structure has become.
As long as HYPE holds above the former breakout area around $56–$58, bulls maintain control of the trend. However, after such a sharp expansion, volatility and profit-taking risk are likely to increase substantially in the short term.
Featured image from ChatGPT, chart from TradingView.com
