TLDR
- HYPE trades near $75.79, about 22% below its Sept. 23 all-time high of $97.96.
- The key support zone sits at $74-$76, with the rising trendline near $70-$72 below it.
- U.S. spot Hyperliquid ETFs saw outflows last week, but still hold about $390 million in net assets.
- The protocol made $64.5 million in revenue over 30 days, and most of it goes to HYPE buybacks.
- A core-contributor unlock of about 9.92 million HYPE is due Nov. 6.
Hyperliquid (HYPE) is trading around $75.79 on the Oct. 25 daily chart. The token has kept falling from its September record high near $98.
HYPE opened near $76.59 and reached $76.81 before dropping to $75.64. It was down about 1% at the time of the chart and now sits roughly 22% below its all-time high of $97.96, set on Sept. 23.
The longer-term chart still shows a pattern of higher lows. The short-term setup, though, has weakened. Price is testing a former resistance zone between $74 and $77, while the rising trendline sits lower, in the low $70s.
Chart analysis: HYPE tests a key $75 support area
The level to watch right now is $74-$76. That zone acted as resistance earlier this year before HYPE broke above it. If it holds as support, the chain of higher lows stays intact and another run at $80 becomes possible.
Analyst MrTranquility, posting on X as @MstrTranquility on Oct. 23, said HYPE “looks like it has some unfinished business below.” He called the $75 neckline the level to watch. In his view, a loss of it could open a path to $70, then $60 and $50. If it holds, he said, the bears might become exit liquidity.
$HYPE looks like it has some unfinished business below
That $75 neckline is the level to watch
Lose it, and $70 → $60 → $50 could be on the table
If we hold it, and the bears might become the exit liquidity
Either way, somebody’s getting humbled here pic.twitter.com/m1Dq6hluIN
— MrTranquility (@MstrTranquility) October 23, 2026
Momentum is soft. The daily RSI is at 35.07, close to oversold. MACD is also bearish, with both lines falling and the histogram below zero. Sellers still control the short-term move.
A daily close below $74 would put the trendline at $70-$72 in focus. On the upside, HYPE first needs to reclaim $80-$82. Resistance then sits at $88-$90, ahead of the September high.
ETF flows and protocol revenue
Demand from ETFs has cooled. U.S. spot Hyperliquid ETFs recorded no net flow on Oct. 23. The session before, about $7 million left Bitwise’s BHYP and $0.9 million left 21Shares’ THYP.
Over the last five trading days, Bitwise lost about $18.8 million and 21Shares lost about $10.8 million. Even so, the three U.S. funds hold around $390 million in net assets. They have drawn about $310 million in total net inflows since launching in May.
Grayscale’s HYPG accounts for $151.9 million of those inflows. Bitwise has taken in $125.5 million and 21Shares $31.8 million.
The protocol itself remains busy. Total value locked is near $8.2 billion, down about 8% over 30 days. That is still well above the $5.7 billion recorded at the end of June, but below the September record of $9.07 billion.
Hyperliquid generated about $80.9 million in fees and $64.5 million in revenue over the past 30 days. Its Assistance Fund uses most of that revenue to buy HYPE on the open market.
On-chain data shows about $63.9 million of HYPE was bought in the last 30 days. The fund now holds about 48.2 million HYPE.
Ripple Prime has also expanded into real-world asset perpetual swaps linked to Hyperliquid. The service covers more than 100 markets, including equities, indices, ETFs, metals, energy and foreign exchange. The swaps reference Trade.xyz perpetual futures listed on Hyperliquid.
Market maker Virtu is already using the product. Clients can post RLUSD as collateral where available.
Hyperliquid’s next core-contributor unlock is set for Nov. 6, when about 9.92 million HYPE is due to be released.
Be the first to comment