Hyperliquid [HYPE] has been consolidating between $55 and $76 since late May, but has fallen 24% from its all-time high after Arthur Hayes began offloading his holdings. Whales and institutions followed, with two large wallets generating over $31 million in spot selling pressure in one day, including a wallet linked to a16z selling $25.3 million worth of HYPE. The price dropped to around $59, breaking below short-term moving averages. However, Hyperliquid still leads tracked chains with $145 million in daily net inflows and a monthly net flow of $1.80 billion, suggesting strong ecosystem adoption that may support the token.
Hyperliquid [HYPE] has traded within a $55 to $76 range since late May, but most movement has been to the downside after hitting a peak above $76. The decline began after Arthur Hayes started offloading his holdings despite having a $100 target.
Whales and institutions have taken similar actions. A Hyperliquid whale sold 91,100 HYPE worth over $5.81 million after weeks of inactivity, according to Onchain Lens, and subsequently withdrew the USDC proceeds from Hyperliquid, suggesting an exit from the position.
A wallet linked to a16z continued transferring HYPE through OKX, Bybit, and Gate, selling 421,796 HYPE worth over $25.3 million in 24 hours. Together, the two wallets generated over $31 million in spot selling pressure within one day.
Open Interest declined alongside HYPE’s price, with long liquidations reaching $1.95 million compared to $396,000 in shorts. The imbalance indicated long-position deleveraging rather than confirmed shorting.
HYPE fell from $76 to around $59, a 24% drawdown from its all-time high. The token also fell below the 20-day and 50-day Exponential Moving Averages, signaling weaker short-term momentum, while the Money Flow Index fell sharply to 35.
However, the 100 and 200 EMAs were yet to be breached. If these two break, increasing sell pressure from whales and institutions may push the price to the demand area in the $38 to $44 zone.
Even so, HYPE’s bearish structure remained unconfirmed. Hyperliquid led tracked chains with $145 million in daily net inflows, while Arbitrum, Ethereum, and Polygon recorded net outflows.
On a larger scale, Hyperliquid has a monthly net flow of $1.80 billion with 13 days left. Hyperliquid’s total perpetual volume continues to grow with HIP-3 share at 45%, hinting at adoption and growth. The massive capital inflow may help the HYPE token survive this decline to below $50.
