Overview
- HYPE has pulled back from its September high and is trading around $75, with bearish RSI and MACD readings putting the $74–$76 zone under immediate pressure.
- Hyperliquid’s Assistance Fund has been buying tokens with protocol fees and revenue, reportedly spending over $1 billion and accumulating tens of millions of HYPE, but those purchases have not stopped the recent pullback.
- Derivatives exposure is large: futures open interest is in the multi‑billion dollar range and a high share of long positions makes leveraged traders vulnerable to clustered liquidations if price breaks support.
- On‑chain flows and scheduled supply add near‑term risk because multiple wallets recently deposited roughly 494,310 HYPE to Coinbase, U.S. spot ETFs have seen outflows, and about 9.92 million HYPE is set to unlock for contributors on Nov. 6.
- What to watch next: a daily close below $75 would expose lower targets near $70 and $65 and could trigger forced selling, while a reclaim of $83–$85 would be needed to restore a clear recovery path.