TL;DR

• Whale opens $120M in leveraged longs across BTC, ETH, PEPE, and HYPE amid market shift.
• HYPE retests key $44–$45 support zone after rally; RSI and SAR support ongoing strength.
• Hyperliquid hits $648B Q2 volume, expands access through Phantom wallet in EU region.

Major Trader Takes Leverage Across Markets

A large wallet holder with a strong track record on Hyperliquid has opened sizable leveraged positions across multiple tokens. These include 40x long on Bitcoin, 25x on Ethereum, and 10x each on PEPE and HYPE. The total value of the open positions stands at $120.8 million, with current unrealized profits of $1.17 million.

A smart whale with $73.85M in profits on #Hyperliquid is placing big long bets:

• $BTC (40x), $ETH (25x), $HYPE (10x), and $PEPE (10x) — all max-leverage longs.
• Current position size: $120.8M
• Unrealized P&L: +$1.17M

The whale is also a major $HYPE holder, sitting on… pic.twitter.com/dsANXnesf2

— Spot On Chain (@spotonchain) July 21, 2025

In addition, the same address also holds over 501,000 HYPE tokens, currently worth around $23.35 million. This position alone shows an unrealized gain of $12.48 million, representing a 115% increase. Onchain data also shows a separate wallet depositing $8.62 million in USDC and placing a new order to buy HYPE.

Price Holds Key Support After Breakout

HYPE was trading at $46.98 at the time of writing, up 3% in the last 24 hours. Over the past week, the token has pulled back by about 4%, but it continues to follow a steady upward path that began in late March.

Recently, HYPE moved above the $44–$45 zone, a level that acted as resistance in previous sessions. That same range is now being tested as support.

A bounce from this area could point toward another push toward $49 and the $50 mark. If the zone fails to hold, the next possible support sits near the rising trendline at around $42.

Indicators Show Ongoing Market Strength

On the technical side, the Parabolic SAR remains below the price line, a sign that the current uptrend is still active. The RSI reads 62.68, just under the signal line at 63.15. These levels are consistent with a market in trend, without signs of exhaustion.

According to Coinglass, daily trading volume on Hyperliquid rose by more than 63% to reach $1.46 billion. Open interest also increased by nearly 2%, now standing at $2.13 billion.

As reported by CryptoPotato, the Hyperliquid platform has added new access points. Phantom wallet now supports direct perpetual trading for users in the EU. This new feature runs through Hyperliquid’s API and keeps full control in users’ hands.

Recent volume numbers show steady platform growth. In the last quarter alone, Hyperliquid processed $648 billion in trades.

Over the past year, it recorded $1.57 trillion in total volume. The exchange now holds more than 60% of the perpetual DEX market, outperforming its nearest competitor by a wide margin.

Ethereum climbed above $3,800 after recording a daily gain of nearly 3%. It extended a strong upward trend that has seen the altcoin rise over 55% in the past month. This momentum highlighted continued investor confidence, despite relatively low gas fees across the network.

Funding rates have moved into double digits, although they remain modest relative to the broader scale of futures positioning and Ethereum ETF inflows. Against this backdrop, Asia continues to lead altcoin performance in ETH.

Asia’s ETH Buying Spree

Matrixport revealed that data tracking ETH’s performance across trading sessions last week showed Asia’s influence becoming more pronounced, which is responsible for the sharp weekend rally. Beyond speculative flows and treasury adoption, an uptick in DeFi activity is also providing much-needed support to the cryptocurrency’s upward momentum.

Amid this supportive environment, experts highlighted the emerging signals that point towards a potential altcoin season taking shape. For instance, the associated indexes have crossed above 50, the highest since December.

ETH Perpetual Open Interest surged from under $18 billion to over $28 billion in a week, which is being driven by institutional demand. The recently signed GENIUS Act, which sets clearer stablecoin regulations, has also renewed interest in ETH and other Layer 1s among Corporate Treasuries.

Meanwhile, the anticipation of staked spot ETH ETF approvals is prompting further institutional rotation from Bitcoin to Ethereum. ETH’s market share has risen to 11.6% while BTC dominance slips, which could mean that a potential next leg for altcoin season is underway.

Critical Resistance Point for Altcoins

A similar sentiment was echoed by Swissblock’s data, which shows that 75% of altcoins are currently testing key resistance levels, a technical point where altcoin seasons either begin or fail. In weak altseasons, Bitcoin remains strong, which leads to only short-lived altcoin rallies with limited capital rotation into alts.

On the other hand, strong altseasons require significant capital flow. This is characterized by Bitcoin losing relative strength, its dominance dropping, and altcoins breaking out broadly across the market.

Swissblock noted that the market is at this decision point now. Bitcoin’s momentum is slowing, and early signs of capital rotation into altcoins have begun, which means the conditions for a potential strong altseason are forming if capital flow accelerates further.

TL;DR

• XRP wallet count reaches 7.2M, showing strongest user growth since late 2024.
• Whale-to-exchange transfers dropped 94%, suggesting holders are not preparing to sell.
• Double bottom breakout targets $4.40, with resistance flipped to support near $2.90.

Network Growth Reaches New High

The total number of XRP accounts has reached 7.2 million, the highest ever recorded. Data from CryptoQuant shows steady growth in wallet creation since mid-2024, with no signs of slowing. The increase reflects stronger user participation and rising interest in the network.

From August 2024, account growth has accelerated. At that time, there were fewer than 5.8 million wallets. Since then, more than 1.4 million new addresses have been added. The trend became more visible around November, matching a period of increased trading activity.

Meanwhile, XRP’s price touched $3.65 before easing slightly to around $3.50. Over the past week, the asset has gained 21%. During this rise, activity from large holders has shifted. On July 11, 43,575 XRP was moved from major wallets to exchanges. By July 21, the same metric dropped to 2,339 XRP, a decrease of over 94%.

This drop in exchange transfers suggests large holders are not moving tokens to sell. Less supply moving to exchanges during a price increase can reflect a tighter market, with fewer sellers active at current levels.

Technical Pattern Signals Possible Upside

According to a popular analyst, a double bottom formation has formed on the 4-day price chart, with a breakout above the $2.90 level. The pattern suggests the current move could extend toward $4.40, based on the measured distance from the support base to the neckline.

The price is now trading above the former resistance, which may act as new support. Traders are watching to see if this level holds during pullbacks.

New Wallet Creation Slows Despite Growth

Even as total wallets increase, the number of new addresses being created has declined. As we recently reported, data shows just 1,598 new wallets, among the lowest in recent months.

Finally, lower market entry might constrain immediate demand, and will be amplified in the case of reduced momentum. Nevertheless, the general growth in wallets has been preserved, demonstrating an increase in users interacting with the XRP over time.