HYPE steadies after sharp pullback from ATH amid market tumble

The broader crypto market faced a sharp jolt earlier today as geopolitical tensions between Israel and Iran triggered a wave of sell-offs. Among the tokens hit was Hyperliquid’s HYPE, which saw a steep intraday decline. However, the token is now showing signs of recovery.

Trading at $39.63 at press time, HYPE (HYPE) is gradually rebounding from the sharp drop it suffered earlier. The token had recently climbed above $43, setting a new all-time high after several days of strong upward momentum. However, it quickly tumbled to $37, marking a 14.2% pullback within hours.

HYPE’s sharp drop mirrored the broader market downturn, with Bitcoin (BTC) and several altcoins posting even deeper losses during the same time frame. But with tensions easing, the token has clawed back roughly 6% from its intraday low and remains up 15% over the past week.

The overall positive performance has translated into bullish sentiment among investors who, despite the recent pullback, continue to go all in.

Whales bet on HYPE

Tony G Co-Investment Holdings recently announced the purchase of 10,387 HYPE tokens, worth just over $438,000. The purchase makes the firm the first public company to add the asset to its treasury. 

The firm emphasized that hyperliquid is the ”new home to decentralized finance,” highlighting its potential and expressing confidence in its future. 

Tony G’s purchase builds on several sizable acquisitions by other large position holders. Earlier this week, three separate investors scooped up 70,617, 28,500, and 57,372 HYPE respectively, totaling around $5 million in combined purchases.

Positive sentiment is mounting around the token, driven by fresh exchange listings and partnerships. If momentum holds, HYPE could soon retest its all-time high and potentially push even higher.