Grayscale has filed an 8-K with the U.S. Securities and Exchange Commission connected to its Hyperliquid staking ETF. The filing relates to the existing ETF process and does not represent a new ETF application. The proposed product would offer market participants exposure to HYPE while incorporating staking rewards into its structure, aligning with broader infrastructure development around institutional access to HYPE and its ecosystem.
Major Token Unlock and Whale Accumulation
A $340 million unlock of 3.75 million Hyperliquid tokens occurred on October 6, representing a significant addition to HYPE's circulating supply. The unlock coincided with persistent accumulation activity from a large investor, who accumulated 158.78K HYPE valued around $13.08 million within one month. The whale's recent transactions included purchasing and withdrawing 54.02K HYPE valued roughly at $5.13 million from Coinbase Prime, with previous transactions showing repeated token withdrawals from the same exchange during the accumulation period.
Exchange Outflows Support Demand Thesis
Hyperliquid registered approximately -$4.58 million in spot net flows during the measured 24-hour period, indicating that more HYPE tokens were removed from exchanges than deposited. The negative net flows followed various other periods of outflows throughout September and early October, validating an accumulation trend as tokens move away from trading platforms.
Price Action and Technical Indicators
On the daily timeframe, HYPE recovered strongly after defending the $85 support level during a late-September correction. The recovery pushed price towards the $94.91 resistance level before pulling back to around $93.36. The RSI indicator stood at 59.06 above its signal average of 57.27, suggesting buying strength without overbought conditions. The Directional Movement Index readings supported bullish momentum, with the +DI at 27.30 compared to the -DI at 11.86. The ADX strength indicator measured 34.70, indicating a relatively strong directional trend. A confirmed move above the $94.91 resistance would strengthen the bullish structure and expose the $100 price level.
