Hyperliquid’s attempt at a bounce collapsed after the altcoin faced rejection at $68. HYPE then broke the $60 support level and fell to the $58 level.
At press time, HYPE was trading at $59 after falling 11.2% over 24 hours. It also fell by 12% weekly.
Meanwhile, trading volume jumped 36% to $561 million, reflecting increased activity during the sell-off.
Why did the wallet linked to a16z transfer $30 million?
HYPE faced stronger selling pressure after its failed recovery.
According to Arkham, a wallet linked to a16z has deposited 471,500 HYPE, worth $30.57 million, across multiple exchanges. Recipient exchanges included OKX, Bybit, and Gate.
However, the wallet still holds over 9 million HYPE, making it one of the largest holders of the token.
Therefore, deposits represent only part of its position. Exchange deposits can indicate intent to sell, although they do not confirm completed sales.
Do dip buyers support HYPE?
Despite wallet deposits, HYPE’s decline attracted buyers via the spot market.
CoinGlass data showed that Spot Netflow remained negative for three consecutive days during the decline. At press time, Spot Netflow’s price stood at -$6.18 million, compared to -$6.09 million the previous day.
The Netflow negative point indicated that traders withdrew more HYPE from exchanges than they deposited.
Meanwhile, SoSoValue data showed that net inflows from the HYPE ETF reached $2.13 million on July 15. Net flows fell to zero on July 16, indicating no net buying or net selling. This indicates that ETF investors paused after the previous day’s inflows.
Can HYPE refund more than $60?
Spot demand and ease of selling ETFs provided some support for HYPE. However, downward pressure remained strong in the short term. The Relative Strength Index (RSI) fell to 37, which puts HYPE below neutral.
Meanwhile, the positive Index of the Directional Movement Index (DMI) fell to 17. The Average Directional Index rose to 26.
Together, these readings indicate that bearish momentum remains in control.
Continued selling could pay off The noise About $52. However, stronger spot demand could help the altcoin reclaim $60. A sustained recovery above this level could shift attention towards the $68 level.
Final summary
- A wallet linked to a16z deposited 471,500 HYPE, worth $30.57 million, across multiple platforms.
- HYPE broke through the $60 level, but outflows indicated that spot buyers were accumulating during the decline.
