Hyperliquid has bought and burned 9,730 HYPE tokens worth $829,500 over the past 24 hours, bringing lifetime burns to 48.42 million tokens, according to Onchain Lens. The token trades near $86.85, with $88.39-$90 marking key resistance and $83.59 — the 50-day moving average — acting as near-term support.

Hyperliquid is a layer-1 blockchain known for its fully on-chain perpetuals exchange, and the buy-and-burn program — which uses the Assistance Fund to purchase HYPE on the open market and permanently remove it from circulation — reduces the token's circulating supply over time. Such token-burn mechanisms are used by a number of crypto projects as a way to direct protocol revenue or reserves back toward the token supply, though the practice has drawn debate over its actual price impact.

The burn activity coincides with on-chain analytics firm Arkham tracking a $62.7 million unrealized gain by a trader known as "watershedpath," who maintains a leveraged HYPE position worth over $30 million. Because Hyperliquid executes trading fully on-chain, positions like this one are traceable by analytics firms such as Arkham, which labels wallet activity across public blockchains.

Hyperliquid Burns 9,730 HYPE Tokens

According to Onchain Lens, Hyperliquid purchased and burned 9,730 HYPE during the past 24 hours. The average purchase price stood at $85.27, putting the transaction value near $829,500 — close to the token's prevailing market price.

The latest burn adds to a cumulative 48.42 million HYPE removed through the same process over time. Onchain Lens valued those lifetime burned tokens at approximately $4.14 billion using the current price. The burned amount represents 4.84% of HYPE's maximum supply.

Trader Keeps $62.7 Million HYPE Gain

Arkham reported that trader "watershedpath" has gained $62.7 million after holding a HYPE long position for nearly one year. The trader has not closed the position, according to Arkham. Instead, the trader has continued withdrawing margin from the position, which now carries roughly $30 million in exposure at 4x leverage.

The position comes as HYPE has climbed sharply since March, a price movement that has placed the token near its latest chart high. Large, publicly traceable positions of this kind have drawn attention on Hyperliquid before, as the platform's on-chain design makes leveraged trades visible to anyone monitoring the network.

HYPE Tests $88 Resistance After Rally

The chart shows HYPE trading in a range of roughly $30-$45 between March and May before a sharp move higher. The token then climbed above $70, followed by pullbacks through June and July. HYPE accelerated again in late August, rising from approximately $58-$60 on Aug. 20 to above $80 before reaching about $88.386.

HYPE now trades near $86.852, leaving $88-$90 as the immediate resistance zone. The 50-day moving average (MA50) sits at $83.59, while the 200-day moving average (MA200) stands near $69.60. HYPE remains above both moving averages.

Trading volume has also expanded, reaching approximately $878.14 million during the recent advance. On the chart, a move above $88.386 would place $90 as the next level, while a loss of $83.59 would bring the $80-$78 range into focus.