Hyperliquid (HYPE) fell 11.2% in 24 hours to $59 after a failed rebound above $68, breaching the $60 support. A wallet linked to a16z deposited 471,500 HYPE worth $30.57 million across exchanges, though it still holds over 9 million tokens. Despite the selling pressure, spot market showed net withdrawals of $6.18 million, indicating dip buying. ETF net inflows were $2.13 million on July 15 but zero the next day. Technical indicators show bearish momentum with RSI at 37 and declining positive directional index, suggesting further downside risk toward $52 if selling continues.
Hyperliquid’s (HYPE) attempt to recover stalled after the altcoin was rejected at $68. It then fell below the $60 support level to as low as $58. At press time, HYPE traded at $59, down 11.2% over 24 hours and 12% weekly. Trading volume surged 36% to $561 million, reflecting increased activity during the sell-off.
A wallet linked to a16z deposited 471,500 HYPE, worth $30.57 million, across several exchanges including OKX, Bybit, and Gate, according to Arkham. The wallet still holds more than 9 million HYPE, making it one of the largest holders. While exchange deposits often indicate selling intent, they do not confirm completed sales.
Despite the selling pressure, spot market data from CoinGlass showed negative net flow for three consecutive days. At press time, spot netflow stood at -$6.18 million, compared with -$6.09 million the previous day. Negative netflow indicates traders are withdrawing more HYPE from exchanges than depositing, suggesting accumulation.
HYPE ETF net inflows reached $2.13 million on July 15 but fell to zero on July 16, according to SoSoValue. This suggests ETF investors paused after the previous day’s inflows.
Technical indicators show bearish momentum remains in control. According to TradingView data, the Relative Strength Index fell to 37, below the neutral level of 50. The Directional Movement Index’s positive indicator declined to 17, while the Average Directional Index rose to 26. These readings imply continued selling pressure could push HYPE toward $52. However, stronger spot demand could help the altcoin reclaim $60, and a sustained recovery above that level could shift attention toward $68.
