Binance has resumed withdrawals for Hyperliquid [HYPE] and Aptos [APT] following a hack in late October that led to a 10-day halt in services. The exchange said withdrawals had been paused to prevent assets from getting stuck in processing or lost. Binance has assured users that additional assets and networks will be restored in phases, and some tokens on Ethereum and Solana networks have already been re-enabled.
HYPE draws attention amid bearish derivatives positioning
Hyperliquid was the most-viewed token in the last 24 hours, followed by Kinetiq [KNTQ], Bitcoin [BTC], and Pudgy Penguins [PENGU]. At press time, HYPE was trading at $77, with daily trading volume of $442 million.
Institutions have been building short positions. Abraxas holds a HYPE short position of $77.60 million, the second-largest for the firm and about half of its Bitcoin short of $158 million. Abraxas’s perpetual exposure exceeds $451 million, while Wintermute’s is about $107 million. Abraxas’s short positions were at an unrealized profit of more than $30.77 million.
Smart traders are also selling. One whale sold 433K HYPE with 10x leverage but appeared to be sitting on lifetime losses of about $20.92 million.
Price action and key levels
HYPE has fallen by over 12% in the last seven days, making it one of the worst altcoin performers in the market. This week’s candle eclipsed last week’s green candle that rallied from $76 and closed at $88. At the time of writing, the altcoin was trading at around $75, a key support level that has been critical since late August.
The resumption of withdrawals on Binance could revive traders’ confidence and change broader crypto sentiment for the better. However, if bears break below $75, HYPE could fall to $70 or $60, respectively.
