On-chain data shows that a large address's recent activity has attracted attention. This address first deposited 3 million USDC into HyperLiquid, then swept in 108,000 HYPE tokens at a price of $25.63, spending a total of $2.78 million. After completing the transaction, it also staked over 10,000 HYPE tokens. This combination of moves appears experienced and is clearly not a short-term test.

From a news perspective, the large holder's genuine capital injection and subsequent staking operations suggest that this is not simple speculation. It more resembles a medium- to long-term strategic layout. During the same period, Ethereum began to show bullish characteristics on the 4-hour chart. Moving averages gradually aligned, with the yellow and white lines steadily above the zero axis, which is usually a sign that the bulls are regaining control. If ETH can hold this position or even continue to rise, it could boost the overall asset sentiment in the ecosystem, and related tokens like HYPE are no exception.

Looking at the details of the capital flow, the net inflow of major funds on the 4-hour chart exceeds 7.2 million USDT, while retail investors continue to exit. This "main force in, retail out" structure is quite interesting—usually, this is a prelude to a market buildup. The favorable alignment of moving averages combined with the shift in capital structure forms a solid support story from both fundamental and technical perspectives.

However, it is important to note that the current market is still in the brewing stage, and the risk of chasing highs remains. A more prudent approach is to wait for clearer breakout signals before taking action.