TLDR
- HYPE is down over 2% on Monday, testing a key support trendline around $68.50
- Open Interest fell over 2% in 24 hours to $2.72 billion, with $2.48 million in long liquidations
- HYPE ETFs saw $10.36 million in inflows last week — the ninth consecutive week of institutional buying
- HIP-3 markets have grown from 2% to nearly 50% of Hyperliquid’s total perp volume in 2026
- The 50-day EMA at $63.13 is the key support level; a break below could push price toward $53.71
Hyperliquid (HYPE) is trading around $65 on Monday, down over 2% as broader market risk-off sentiment drags on crypto prices. The drop extends losses from last week.
US-Iran tensions over oil tanker passage through the Strait of Hormuz have pushed investors away from risk assets, including crypto. Altcoins like HYPE have felt the pressure.
Futures data from CoinGlass shows Open Interest dropped over 2% in the past 24 hours to $2.72 billion. Total liquidations hit $2.93 million, with long liquidations making up $2.48 million of that total.
The funding rate has fallen sharply to 0.0275%, showing that more traders are positioning short. That’s a shift from the bullish sentiment seen in earlier weeks.
Institutional Demand Holds Steady
Despite the short-term pressure, HYPE ETFs pulled in $10.36 million in inflows last week. That marks the ninth straight week of institutional inflows into HYPE products.
Analyst Michaël van de Poppe posted a bullish take on July 12, saying the HYPE chart “is ready to break out upwards” with a target of $100. He pointed to constant revenue growth, higher highs and lows, and the price holding above both the 21-day and 50-day moving averages as reasons for his view.
The $HYPE chart is super strong.
It's ready to break out upwards, and the next target is going to be $100.
The reasons for the fact that this is the case:
– Constant revenue growth and value accrual to the token.
– Holding above the 21-Day and 50-Day MA's.
– Constant higher… pic.twitter.com/S6AZSY1Ecr— Michaël van de Poppe (@CryptoMichNL) July 12, 2026
Technically, HYPE is testing a breakout of a key ascending trendline near $68.50. The 50-day EMA at $63.13 is now the immediate support level to watch.
The RSI has slipped below 50 to 48, and the MACD is trending below the signal line. Both indicators point to weakening momentum.
A daily close below $63.13 could open the door to the 50% retracement level at $53.71. On the upside, a recovery would target the prior swing high at $75.58.
HIP-3 Markets Surge
Away from price action, Hyperliquid’s HIP-3 framework has seen rapid growth. HIP-3 allows builders to deploy permissionless perpetual markets onchain.
Its share of total Hyperliquid perp volume has climbed from around 2% at the start of 2026 to nearly 50% now. The growth is tied to rising retail interest in trading equities onchain.
TradeXYZ dominates the category, running markets like XYZ100 (tracking the Nasdaq-100) and single-stock perps on names like Nvidia and Tesla, settled in stablecoin.
The 24/7 access is a core draw — traders can react to news at any hour without waiting for market open.
HYPE ETFs recorded their ninth straight week of institutional inflows at $10.36 million as of last week.
