HYPE rose above its all-time highs, hitting $65 yesterday in a move that caught the attention of the broader cryptocurrency market at a time when most assets are struggling under selling pressure. The breakout is important on its own terms – but data from Hyperliquid showed details about who is accumulating assets that add a layer of conviction signal to price action that a chart alone cannot provide.
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Jarrett Jane — the whale identified as the trader who placed a $735 million short position on Bitcoin right before the market crashed on October 10, a call that became one of the most widespread and accurate trades of the session — has been buying HYPE for the past four days.
The total backlog is 145,050 tokens at an approximate cost of $9.05 million. More importantly, Jin placed a TWAP order – a time-weighted average price execution that automatically continues buying at specified intervals – for an additional 39,940 HYPE worth approximately $2.44 million.
Garrett Jin's holdings on-chain | Source: Hypurrscan.io
TWAP orders are not interactive trades. They are deliberate and systematic accumulation strategies used by participants who want to build a position over time without having to Moving the market Against themselves. Garrett Jin is not responding to the highest HYPE hack ever. He’s been building to make it happen — and he’s 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 along with $77 million in active positions
Excess fluid Data It reveals the complete wallet context that makes HYPE accumulation more important than a standalone transaction. Garrett Jin is not a participant whose focus has completely shifted to HYPE. It actively manages a multi-asset book simultaneously – and the HYPE position is built alongside its existing liabilities rather than in place of them.
On the long side, Jane owns 504.4 BTC worth approximately $38.9 million – a large directional bet on a Bitcoin recovery that reflects continued conviction in the broader cryptocurrency market despite the recent weakness that has experienced 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 hype.
Garrett Jin's perps positions on Hyperliquid | Source: Hypurrscan.io
On the short side, Jane owns 57,460 ZEC worth approximately $38 million – a position currently down around $2.11 million, which represents a deliberate bet against Zcash that he maintained during that unrealized loss rather than reducing at the first sign of stress. The willingness to hold a loss short reflects the same conviction management that characterizes his track record.
The combined image describes a trader managing approximately $77 million in active trend positions across three assets simultaneously – while systematically adding to HYPE through an automated accumulation order. This is not a casual allocation or a momentum chase. It’s a calculated addition to an already large, actively managed book from the same participant who identified the October collapse before it happened.
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HYPE has entered a strong phase of price discovery after decisively surpassing its previous all-time highs near the $50 level. The daily chart shows a clear acceleration in momentum over the past two weeks, with buyers regaining control after months of consolidation and gradually building higher lows since March. The break above the previous resistance zone sparked a massive expansion move that pushed HYPE towards the $65 region, confirming one of the strongest trend structures currently visible across the cryptocurrency market.
HYPE consolidates above its previous ATH | Source: HYPEUSDT chart on TradingView
What makes this move particularly significant is the combination of price strength and volume expansion. The latest candles show a rise in participation with HYPE rising vertically, suggesting that the rally is not happening due to weak liquidity alone. Trading volume rose strongly during the breakout, reflecting strong market interest and sustained buying pressure rather than a temporary short squeeze.
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Technically, HYPE remains stable above the 50-day and 100-day moving averages, both of which are now trending higher and acting as dynamic support areas. The 200-day moving average is well below current price levels near the mid-$30 range, highlighting how extended the current bullish structure is.
As long as HYPE is stable above the previous breakout zone of around $56-$58, the bulls maintain control of the trend. However, after such a sharp expansion, volatility and profit-taking risks are likely to increase significantly in the short term.
Featured image from ChatGPT, chart from TradingView.com
