Hyperliquid’s recovery attempt collapsed after the altcoin was rejected at $68. HYPE then broke the $60 support and dropped as low as $58.
At press time, HYPE was trading at $59 following an 11.2% drop in 24 hours. It also fell 12% for the week.
Meanwhile, trading volume increased by 36% to $561 million, driven by increased activity during the sale.
Why did an A16z-connected wallet carry $30 million?
HYPE faced stronger selling pressure after the recovery failed.
According to Arkham, an a16z-linked wallet deposited 471,500 HYPEs worth $30.57 million to various exchanges. Acquiring exchanges included OKX, Bybit and Gate.
However, the wallet still holds more than 9 million HYPE, making it one of the largest holders of the token.
Therefore, the deposits represented only a fraction of his position. Foreign currency deposits may indicate intent to sell but do not confirm completed sales.
Do dip buyers support HYPE?
Despite wallet deposits, HYPE’s decline attracted buyers’ interest in the Spot market.
CoinGlass data showed that Spot Netflow remained negative for three consecutive days during the pullback. At the time of writing, Spot Netflow was at -$6.18 million compared to -$6.09 million the previous day.
Negative Spot Netflow showed that investors were withdrawing more HYPE from exchanges than they were investing.
Meanwhile, SoSoValue data showed HYPE ETF Net Inflows reached $2.13 million on July 15. Net Inflows fell to zero on July 16; This means neither net buying nor net selling. This shows that ETF investors paused after the previous day’s entries.
Can HYPE rise above $60?
Declining spot demand and ETF sales provided some support to HYPE. However, short-term downward pressure remained strong. The Relative Strength Index (RSI) dropped to 37, placing HYPE below the neutral level.
Meanwhile, the positive indicator of the Directional Movement Index (DMI) dropped to 17. Average Directional Index increased to 26.
Together, these readings showed that bearish momentum was in control.
Continued sales could add pressure EXCITE Towards $52. However, stronger Spot demand could help the altcoin regain $60. A sustainable recovery above this level could shift attention to $68.
Final Summary
- A wallet linked to a16z deposited 471,500 HYPEs worth $30.57 million across multiple exchanges.
- HYPE broke through $60 but Exchange Outflows showed Spot buyers piling up during the decline.
