Overview
- HYPE fell about 9% to $37.63, down 20% on the week and 25% over the month, with traders eyeing the $36–$38 support zone and a potential drop toward $32 if that level breaks.
- Spot trading rose 59% to $796.7 million and derivatives volume climbed 38.7% to $2.81 billion, while open interest slipped 7.7% to $1.59 billion, pointing to position rotation and elevated volatility risk.
- On-chain analysis from CryptoQuant’s EgyHash shows larger spot and futures order sizes consistent with whale accumulation during the pullback.
- Protocol demand drivers remain in place, including more than $340 million in year‑to‑date buybacks (about $65 million monthly), new listings on Bybit, OKX and Robinhood Europe, a HyperEVM bridge drawing over $4.5 billion in USDC, and ETP filings from 21Shares and Bitwise.
- Analysts still watch a $50 neckline for an inverse head‑and‑shoulders breakout toward $68–$70 if confirmed, as smart‑money signals include a reported 10x leveraged long by a top trader with a portfolio near $379 million and noted underperformance versus BTC, SOL and XRP that could set up mean reversion.