Hyperliquid’s HYPE token rose 2.85% over 24 hours and gained 27% over the week, reaching a new peak above $97 on Sept. 23. The rally has been supported by Hyperliquid’s buyback-and-burn program and continued buying by large holders. More than 48.86 million HYPE, valued at over $4.76 billion, has been permanently removed from circulation. A whale identified in the existing record as address 0x6436, and described in the new account as a mysterious whale, bought another 373,730 HYPE worth about $36 million, taking its holdings to roughly 4.7 million tokens valued at approximately $400 million over a month. Hyperliquid Strategies accumulated 33.60 million HYPE worth $3.20 billion, equivalent to 15% of circulating supply and 3% of total supply. Open interest on Hyperliquid reached a record $18 billion as HYPE peaked. Despite bullish MACD readings, weakening momentum, possible support retests at $88, $75 or $70, and selling by Wintermute and other institutions introduced downside risks. More than $2.91 million in liquidation leverage was positioned at $98.48, while over $3.39 million was positioned at $94.66, leaving the next direction uncertain.