Whale Dumps $12M USDC into HYPE – What’s Driving the Surge?

Whale Activity Sparks Market Speculation

According to on-chain monitoring firm Onchain Lens, a high-value wallet (0x23Af...E2C0) has made a series of strategic moves that have caught the attention of crypto analysts. Since December 17, 2025, the address has steadily funneled a total of 12,060,000 USDC into a leading derivatives trading platform.

Building a Major HYPE Position

The deposited funds were used to acquire 480,997 HYPE tokens at an average price of $25.07. The scale and consistency of the purchases suggest a long-term positioning rather than speculative trading.

• Largest single deposit exceeded $1M in USDC
• Total holdings now rank among top wallet addresses
• No signs of rapid flipping or volatility-driven exits

Market observers interpret this as a strong vote of confidence in the protocol's roadmap. Such institutional-level accumulation could catalyze broader adoption and enhance ecosystem resilience in the months ahead.