DACM Withdraws 15,000 HYPE as Hyperliquid Custom Markets Top $5B — Trendline Breakout Could Signal 50% Upside
DigiAssetFund (DACM) withdrew 15,000 HYPE (~$525k) from FalconX on Dec. 4, raising on‑chain holdings in that wallet above $1 million, according to Nansen. DACM’s Executive Chairman and CIO Richard Galvin also disclosed a Series A investment in Ostium Labs the same day, citing inefficiencies in global CFD markets. Separately, Hyperliquid’s HIP‑3 permissionless custom perpetual markets surpassed $5 billion in cumulative trading volume across platforms (notably Tradexyz, Felix Protocol and Ventuals) with over 21,800 traders. On the HYPE price chart, the token trades near $34–35, testing a long‑standing descending trendline that has capped rallies for months. Key technicals: Bollinger Bands (upper $40.38 / mid $35.04 / lower $29.70), RSI ~47 and support at $29–31. A decisive breakout above the trendline and the $40 region would target roughly $52 — a potential ~50% gain from current levels. Failure to break could push HYPE back to $29, and losing that support may extend a pullback toward $24. Primary keywords: HYPE, Hyperliquid, DACM, HIP‑3, trendline breakout.
Bullish
The news combines a meaningful on‑chain accumulation by an institutional asset manager, rapid growth in Hyperliquid’s HIP‑3 volumes, and a clear technical setup. DACM withdrawing 15K HYPE increases visible institutional exposure and signals conviction; similar wallet movements by notable funds have previously preceded price appreciation as markets price in demand. HIP‑3 surpassing $5B shows expanding product adoption and liquidity for HYPE‑related derivatives, which supports higher valuations over time. Technically, HYPE sits just below a descending trendline and a breakout above the $40 zone would open a target near $52 (~50% upside). Short‑term impact: heightened volatility and buying interest around on‑chain transfers and breakout attempts; traders may chase breakouts or set entries near $29–31 support with tight stops. Long‑term impact: continued adoption of Hyperliquid derivatives and sustained institutional accumulation could underpin a multi‑month bull case, provided broader crypto market liquidity remains supportive. Risks: a failed breakout or broader market sell‑off could push HYPE back to $29 or lower to $24; on‑chain accumulation alone is not a guarantee without follow‑through buying and macro tailwinds. Historical parallels: institutional accumulation plus product adoption (e.g., derivatives growth) has helped tokens like LDO and AAVE lead rallies when technical breakouts aligned with rising on‑chain demand.