TLDR
- HYPE dropped 7% in 24 hours and is down 15% over the past seven days, currently trading around $58.
- Multicoin Capital unstaked 1.96 million HYPE (~$120M) across three wallets shortly after publishing a bullish $319 price target.
- Selini Capital also unstaked roughly 504,000 HYPE (~$31M), adding to supply concerns.
- Spot HYPE ETFs recorded net outflows on multiple days in July, with the largest single-day outflow of 90,580 HYPE on July 17.
- A break below the $54–$55 support zone could push HYPE toward $48, while a hold could see a recovery to $63–$67.
Hyperliquid (HYPE) has been under selling pressure this week, falling from a recent high of $70 to around $58. The token is down roughly 15% over the past seven days, with a 7% drop in the last 24 hours alone.
Despite the slide, HYPE is still up 129% year-to-date in 2026, making it one of the better-performing crypto assets this year.
The recent drop has been tied to a series of large unstaking events from prominent crypto investment firms. On-chain analytics firm Lookonchain flagged that Multicoin Capital transferred nearly 400,000 HYPE tokens to Coinbase Prime and requested to unstake an additional 212,000 tokens.
Multicoin Capital appears to be taking profits on 606,091 $HYPE ($36.5M) bought around $30 5 months ago.
6 hours ago, Multicoin Capital deposited 395,570 $HYPE($23.78M) into #CoinbasePrime and also requested to unstake 211,486 $HYPE($12.94M).
Multicoin Capital’s profit on $HYPE… pic.twitter.com/iMAbLhMZQr
— Lookonchain (@lookonchain) July 22, 2026
Separate data shows Multicoin unstaked a total of 1.96 million HYPE across three wallets, valued at approximately $120 million. These tokens had been staked for nearly two months before being withdrawn.
The timing raised questions in the crypto community. Less than a month before the unstaking, Multicoin published a bullish report on HYPE with a long-term price target of $319. On-chain data suggests Multicoin originally bought HYPE at around $30, meaning a full exit at current prices would yield roughly $18.5 million in gross profit.
Selini Capital Also Reduces Staked Position
Selini Capital also unstaked approximately 504,000 HYPE tokens, worth around $31 million. Together, the two firms account for over $150 million in recently unstaked HYPE.
Unstaking does not automatically mean selling. However, it does make tokens freely transferable, and moving them to an exchange like Coinbase is widely seen as a step toward selling.
Crypto analytics account Coin Bureau noted on X that Hyperliquid’s open interest climbed to a new 2026 high of $11.5 billion — its highest level since the so-called “10/10 crash.” This suggests trading activity remains active even as spot prices pull back.
🔥BULLISH: Hyperliquid’s open interest climbs to a new 2026 high of $11.5 billion, its highest level since the 10/10 crash. pic.twitter.com/X1jp1LSt1I
— Coin Bureau (@coinbureau) July 23, 2026
ETF Outflows Add to Selling Pressure
Institutional demand has also softened. Spot HYPE ETFs recorded a net outflow of 11,210 HYPE on July 21. The largest single-day outflow this month came on July 17, when investors withdrew 90,580 HYPE.
On the technical side, HYPE broke below the support of a symmetrical triangle pattern it had been trading in for several weeks. The RSI has dropped to 40, and the CMF indicator has turned negative, both pointing to weakening buying pressure.
Key support sits between $54 and $55. If buyers defend that level, analysts see a potential recovery toward $63, then $67–$70. A close below that zone could open a move toward $48.
The most recent data puts HYPE at $58, with traders watching the $54–$55 support level closely over the next few trading sessions.
Be the first to comment