Hyperliquid Strategies has purchased another 494,200 HYPE tokens valued at $45.8 million over a 16-hour period, extending a month-long accumulation that has reached 5.51 million tokens worth $476 million. The Nasdaq-listed company now holds approximately 35.1 million HYPE, valued at roughly $3.2 billion, as the token pulls back from a record high near $98.

The latest buying, tracked via wallet 0x6436 linked to the firm, averaged about 183,574 HYPE or $15.86 million per day over the past month. Separate data showed the company acquired 1.444 million HYPE worth $135 million in the week ending September 24 at an average price near $93.70. Earlier in the year, Hyperliquid Strategies reported holding about 29.3 million HYPE after raising $647 million in equity capital and spending $773.4 million on prior purchases.

Price Pullback Follows Record High

HYPE reached an all-time high of $97.99 on September 23 before retreating. By September 25 the token traded near $91.50, roughly 6.6 percent below its peak. On September 24 it was quoted around $92.55 to $93.80 depending on the snapshot, still up about 18 percent over the prior week and 16 percent over 30 days. Trading volume remained elevated, with roughly $1.24 billion recorded on one day and futures volume exceeding $3.8 billion against spot volume of about $226 million. Market capitalization stood between $20.5 billion and $23.5 billion.

The decline coincided with several large-holder movements. Multicoin Capital transferred 130,331 HYPE worth $12.15 million to Coinbase Prime on September 24 after a one-week pause. That brought the firm’s cumulative transfers to the institutional platform since July 28 to approximately 4.23 million HYPE valued at $285 million. Transfers to Coinbase Prime do not confirm sales, as the platform offers custody and execution services, yet the timing near record prices has focused attention on potential supply.

Nearly $90 Million in HYPE Unstaking

Five large addresses began unstaking a combined 983,600 HYPE worth about $90.44 million on September 24. The largest single initiation involved 391,800 tokens valued near $36 million. Hyperliquid enforces a seven-day waiting period after unstaking begins, so these tokens are expected to become transferable around October 1. None of the activity confirms that the tokens will be sold.

Protocol-level demand continues through Hyperliquid’s Assistance Fund, which directs 97 percent of trading fees toward continuous HYPE purchases and burns. Recent 24-hour periods have seen tens of thousands of tokens acquired and removed from supply.

Binance Spot Listing Adds Liquidity

Binance opened spot trading for HYPE on September 24 across HYPE/USDT, HYPE/USDC and HYPE/TRY pairs, applying its Seed Tag for early-stage assets. Deposits began an hour after trading started, with withdrawals scheduled for the following day. The listing expands access for a broader trader base after the token’s strong price expansion and may help absorb profit-taking.

U.S. spot HYPE exchange-traded funds recorded $4.7749 million in combined net inflows on September 24, reversing the prior session’s $1.58 million outflow. Bitwise Hyperliquid ETF accounted for the entire inflow, lifting its cumulative total to $149 million. Aggregate cumulative inflows across the products reached $339 million, with total net assets at $514 million.

Technical Levels in Focus

Technically, HYPE remains above major exponential moving averages on the daily chart, including the 20-day EMA near $87. The immediate support zone sits around $89 to $92, with further levels near $87 if selling intensifies. Resistance centers on the recent high near $98 and the psychological $100 mark. A decisive close above $98 would reopen higher targets, while a sustained break below key supports could shift near-term momentum.

Open interest has shown some contraction amid the pullback, and liquidations of long positions totaled several million dollars in recent sessions. Despite short-term volatility, the broader structure remains supported by institutional accumulation, protocol buybacks and the new exchange listing.