Hyperliquid’s native HYPE token continues to show strength. Even when fear and doubt put pressure on the broader market. According to new data from Nansen, trading volume has remained between $50 million and $170 million during the recent recession. That constant activity signals a clear message. Buyers are still active.
Instead of panic selling, traders appear to be using the dip as an entry point. On December 1 alone, HYPE recorded $94.6 million in daily volume. Even as prices tested the short-term support near the $29 level. This type of action often reflects confidence beneath the surface. While sentiment may seem shaky on social media, on-chain data tells a calmer story.
$25 million in new wallet inflows indicate growing confidence
At the same time, the new wallets added nearly $25 million in fresh capital to the HYPE ecosystem. That entry came right in the middle of the recent sell-off. This move shows that new entrants still see long-term value. Additionally, Big Brain Holdings built a $3.4 million position during the crisis. That buildup stands out, especially during a period filled with negative headlines.
万至 1.7 Big Brain Holdings?
— 吴说区块链 (@wublockchain12) December 2, 2025
Large funds tend to move patiently. They do not pursue exaggerations. Instead, they buy when fear clouds the market. Additionally, Nansen data shows that only 23% of unlocked HYPE tokens have moved to the market. While almost 40% bet again. This behavior reduces selling pressure and strengthens market stability.
Fundamentals remain strong with real revenue support
Even more importantly, Hyperliquid continues to generate real revenue per protocol. This fact separates it from many speculative projects that are based solely on hype. The platform’s high-performance perpetual trading system continues to attract serious traders. In October alone, Hyperliquid recorded over $317 billion in total perpetual trading volume. Including a single-day spike of nearly $78 billion. These figures support the idea that Hyperliquid remains a central player in the decentralized trading space.
Meanwhile, a recent team staking event involving 2.6 million HYPE tokens raised short-term concerns. However, blockchain data shows that those tokens moved through internal wallets, not directly to exchanges. Meanwhile, large holders continued to accumulate. On top of that, the protocol’s Assistance Fund buyback program uses the proceeds to buy back HYPE from the market. This constant buy-side pressure helps absorb sales during unlocking periods.
The technical structure remains bullish
From a charting perspective, HYPE has formed lower highs and lower lows since its early November peak. However, the price has now entered a consolidation zone between $30 and $32. Analysts typically view this structure as a potential falling wedge, which historically leans bullish. At the same time, recent developer updates under Hyperliquid’s HIP-3 growth mode make it cheaper and easier to launch new perpetual DEX tools. That improvement can increase platform activity and liquidity in the long term.
In short, while short-term fear dominates the headlines, the core data tells a different story. With strong revenues, consistent volume, significant fund accumulation, and $25 million in new wallet entries. Hyperliquid continues to show resilience. Today, buyers are still in the game. And despite the noise, the structure underneath still seems solid.
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