HYPE Price Faces Selling Pressure As ETF Outflows Continue

Quick Take:

• Lookonchain, a crypto transaction tracker, revealed that a wallet linked to Selini Capital deposited 495,473 HYPE worth $26.8 million into OKX.
• U.S. spot HYPE Exchange-Traded Funds (ETFs) have continued to see outflows since July 17, 2026. On July 28, 2026, they recorded another $1.24 million in outflows, indicating fading institutional interest.
• Despite long-term bearish signals, intraday traders appear to have a bullish view, as they are strongly betting on long positions and eyeing a potential price jump.
• $53.10 on the lower side and $56.58 on the upper side are the two major liquidation levels, as per Coinglass.

Hyperliquid (HYPE) faces weakening demand as the token continues its bearish move, which began on July 7, 2026. With the persistent price decline, the token is now approaching a key level of $50.65, while whale and institutional activity is raising concerns about a further dip.

At press time, HYPE had declined 4.3% over the past 24 hours and was trading at $56.55. Meanwhile, the token has plummeted over 14.50% in the past month. Alongside the price decline, the asset’s trading volume eased to roughly $341 million, indicating a lack of market participants amid the price dip.

HYPE's Fading Institutional Demand

Amid this downward momentum, a wallet linked to Selini Capital deposited 495,473 HYPE worth $26.8 million into OKX. This massive deposit to OKX hints at a potential token selloff and is now strengthening the bearish outlook.

Not just crypto whales, but Wall Street investors are following the same bearish outlook. According to the on-chain platform SoSoValue, U.S. spot HYPE ETFs have continued to record outflows since July 17, 2026.

Meanwhile, on July 28, 2026, the ETFs recorded an outflow of $1.24 million. These persistent outflows are not only weakening HYPE’s broader market sentiment but also attracting sellers.

Traders Anticipating Potential Price Jump

However, short-term holders and traders appear to have a different outlook. According to the derivatives platform CoinGlass, HYPE's Long/Short ratio has climbed to 1.0218, indicating strong bullish sentiment among traders.

Meanwhile, the OI-weighted funding rate has also turned positive, currently standing at 0.0033%, suggesting that traders are increasingly opening long positions and expecting further upside in HYPE's price.

At press time, $53.10 on the lower side and $56.58 on the upper side are the two key levels, according to the exchange liquidation map. In fact, traders at these levels have built $14.01 million in long-leveraged positions and $12.27 million in short-leveraged positions. This suggests short-term traders currently have a slight bullish bias, although the concentration of leveraged positions could increase volatility if either level is breached.

Now, the question is: What's next for the HYPE price? Will the price end its bearish move, or could it continue to decline in the coming days?

Hyperliquid (HYPE) Price Action: Key Levels to Watch

According to TradingView’s daily chart, HYPE’s short-term bias appears bearish, as the token has broken below the local support level of $56.40. This breakdown has now opened the door for the asset to continue its bearish move in the coming days.

Based on current price action, if HYPE remains below $56.40, it could dip 4.3% and reach $50.65 in the coming days.

However, this bearish thesis could be invalidated if the price reclaims the local support level. In this scenario, HYPE could end its prolonged bearish trend and open the door for an upward move.

Despite the short-term bearish bias, HYPE's broader sentiment remains bullish as the price continues to trade above the 200-day Exponential Moving Average (EMA), indicating bullish dominance. However, another technical indicator, the Average Directional Index (ADX), has fallen to 17.33, below the key threshold of 25, indicating weak trend strength.