HYPE has surged above its all-time high, hitting $65 yesterday, a move that has caught 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 terms – but data from Hyperliquid has revealed a detail about who is collecting the assets, adding a layer of conviction signal to the price action that the 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 talked about and most accurate large-scale trades of the cycle – has been buying HYPE over the past four days.
The accumulation totals 145,050 tokens for an estimated cost of $9.05 million. More importantly, Jin placed a TWAP order – a time-weighted average price execution that automatically continues buying at certain intervals – to acquire an additional 39,940 HYPE worth approximately $2.44 million.
Garrett Jin's holdings on-chain | Source: Hypurrscan.io
TWAP orders are not reactive transactions. They are deliberate, systematic accumulation strategies used by participants who want to build a position over time without moving the market against themselves. Garrett Jin doesn’t respond to HYPE’s all-time breakthrough. He built towards it – and 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 HYPE is going from here.
A $9 million HYPE bet in addition to $77 million in active positions
The hyperfluid facts reveals the full portfolio context that makes HYPE accumulation more important than a standalone trade. Garrett Jin isn’t a contestant whose entire focus has shifted to HYPE. He actively manages a multi-asset portfolio at the same time – and the HYPE position is built in addition to, not instead of, his existing liabilities.
On the long side, Jin owns 504.4 Bitcoin worth approximately $38.9 million – a substantial directional bet on Bitcoin’s recovery that reflects continued belief in the broader crypto market despite recent weakness that has tested most participants. The position size puts him in a category of traders whose Bitcoin view carries real financial consequences rather than speculative sound.
Garrett Jin's perps positions on Hyperliquid | Source: Hypurrscan.io
On the short side, Jin has 57,460 ZEC worth about $38 million – a position that is currently down about $2.11 million, representing a conscious bet against Zcash that he has maintained through that unrealized loss, rather than cutting at the first sign of pressure. The willingness to remain loss-making reflects the same conviction management that characterizes his track record.
The combined picture describes a trader managing approximately $77 million in active directional positions across three assets simultaneously – while systematically contributing to HYPE via an automated accumulation order. This is not a random allocation or a momentum chase. It’s a calculated addition to an already substantial and actively managed book by the same participant who identified the October crash before it happened.
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HYPE has entered a powerful price discovery phase after decisively breaking above its previous all-time highs around $50. 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 breakout 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 important is the combination of price strength and volume growth. Recent candles show rising participation as HYPE moved vertically higher, indicating the rally is not happening on limited liquidity alone. Volume rose aggressively during the breakout, reflecting strong market interest and continued buying pressure, rather than a temporary short squeeze.
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Technically, HYPE remains firmly above the 50-day and 100-day moving averages, both of which are now trending up and acting as dynamic support zones. The 200-day moving average is well below the current price level around $30, highlighting how extensive the current bullish structure has become.
As long as HYPE remains above the former breakout area around $56-$58, bulls remain in control of the trend. However, following such a sharp expansion, short-term volatility and profit-taking risk are likely to increase significantly.
Featured image of ChatGPT, chart from TradingView.com