HYPE surged above its all-time highs, reaching $65 yesterday in a move that captured the attention of the broader crypto market at a time when most assets are struggling under selling pressure. The breakout is significant on its own – but data from Hyperliquid revealed details about who is accumulating assets that add a layer of signal conviction to price action that a chart alone cannot provide.
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Garrett Jin — the whale identified as the trader who placed a $735 million short position on Bitcoin just before the October 10 market crash, a call that became one of the most discussed and accurate big trades of the cycle — has been buying HYPE over the past four days.
The total accumulation is 145,050 tokens at an approximate price of $9.05 million. More significantly, Jin placed a TWAP order — a time-weighted average price execution that automatically resumes buying at measured intervals — to acquire an additional 39,940 HYPEs worth approximately $2.44 million.
Garrett Jin's holdings on-chain | Source: Hypurrscan.io
TWAP accounts are not reactive trading. These are deliberate, systematic accumulation strategies used by participants who want to build a position over time without moving the market against them. Garrett Jin doesn’t react to HYPE’s all-time record. He built toward it — and he automated the next phase of that build to continue regardless of short-term price fluctuations.
The trader who called the October crash is telling the market something specific about where he thinks the HYPE will go from here.
HYPE bet $9 million with $77 million in active positions
Hyperfluid data it reveals the entire context of the portfolio that makes the accumulation of HYPE more significant than a stand-alone transaction. Garrett Jin is not an attendee whose entire focus has shifted to HYPE. At the same time, he actively manages a multi-asset book — and the HYPE position is built alongside, not instead of, his existing liabilities.
Jin, on the other hand, holds 504.4 Bitcoins worth approximately $38.9 million — a significant bullish bet on Bitcoin’s recovery that reflects continued belief in the broader crypto market despite recent weakness that has tested most participants. The size of the position puts him in the category of traders whose view of Bitcoin carries real financial consequences rather than speculative noise.
Garrett Jin's perps positions on Hyperliquid | Source: Hypurrscan.io
On the shorter side, Jin holds 57,460 ZEC worth approximately $38 million — a position currently down from approximately $2.11 million, representing a deliberate bet against Zcash that he held through that unrealized loss rather than reducing at the first sign of pressure. The willingness to keep a losing short reflects the same belief management that has characterized his work to date.
The combined picture depicts a trader who has approximately $77 million in active directional positions in three assets simultaneously — while systematically adding HYPE via an automated accumulation order. This is not a casual handout or a momentum chase. It’s a calculated addition to an already substantial and actively managed book from the same participant who identified the October crash before it happened.
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HYPE entered a strong price discovery phase after decisively breaking through its previous all-time highs near the $50 level. The daily chart shows a clear acceleration of momentum over the past two weeks, with buyers retaking control after months of consolidation and gradually lifting higher lows since March. A break above the previous resistance zone triggered an explosive expansion move that pushed HYPE towards the $65 region, confirming one of the strongest trend structures currently visible in the crypto market.
HYPE consolidates above its previous ATH | Source: HYPEUSDT chart on TradingView
What makes this move particularly significant is the combination of price strengthening and volume increases. Recent candles show an increase in participation as HYPE has pushed vertically higher, suggesting that the increase is not just due to low liquidity. Volume increased aggressively during the breakout, reflecting strong market interest and continued buying pressure rather than a temporary blip.
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Technically, HYPE remains firmly above the 50-day and 100-day moving averages, both of which are now trending upward and acting as dynamic support zones. The 200-day moving average sits well below current price levels near the $30 mid-range, highlighting how extended the current bullish structure has become.
As long as HYPE holds above the former breakout area around $56–58, the bulls maintain control of the trend. However, after such a sharp expansion, the volatility and risk of taking profits is likely to increase significantly in the short term.
Featured image from ChatGPT, chart from TradingView.com
