Hyperliquid demand shifts as a whale buys 56,208 HYPE and a 99,000-HYPE TWAP runs

On-chain flows around Hyperliquid (HYPE) show demand forming through both a $4 million USDC whale deposit that bought 56,208 HYPE (about $2.1 million at $38.21) and a TWAP aiming to acquire 99,000 HYPE across 10 hours. Supply dynamics include roughly 37.5 million HYPE removed via burns and circulating supply near 238.4 million out of 962 million at press time. Whether price support holds may hinge on trading-volume-driven buybacks, ongoing float tightening, and potential re-supply from about 1.2 million HYPE in monthly distributions and whale selling into rallies.