Hyperliquid’s HYPE Falls 22% From Record High as Traders Trim Exposure
Reduced futures activity, persistent negative spot flows, and cooling social interest raise doubts about whether the recent rally can resume
Overview
- HYPE has pulled back about 22% from its recent all‑time high near $76.9 and is trading around $66 while testing the rising 50‑day EMA.
- The $50–$54 area is the key support band to watch because it aligns with the 50‑day EMA and a daily close below $53 would mark the first bearish shift on the daily chart this year.
- Futures open interest fell from roughly $2.2 billion to $1.73 billion as traders reduced positions, even though CoinGlass shows a slight net‑long bias and positive funding rates.
- Spot selling eased from early‑June peaks but aggregated spot cumulative volume delta remains deeply negative at about −$95 million, signaling lingering on‑chain sell pressure.
- Retail sentiment and attention have cooled since mid‑June while institutional and spot‑ETF flows stayed quiet, leaving upside scenarios dependent on renewed buying or a daily close above $74.60.