Hyperliquid’s attempted rebound collapsed after the altcoin faced rejection at $68. HYPE subsequently breached the $60 support and fell as low as $58.
At press time, HYPE traded at $59 after declining 11.2% over 24 hours. It was also down 12% weekly.
Meanwhile, trading volume jumped 36% to $561 million, reflecting increased activity during the sell-off.
Why did an a16z-linked wallet move $30 million?
HYPE faced stronger selling pressure after its rebound failed.
According to Arkham, an a16z-linked wallet deposited 471,500 HYPE, worth $30.57 million, across several exchanges. The receiving exchanges included OKX, Bybit, and Gate.
However, the wallet still held more than 9 million HYPE, making it one of the token’s largest holders.
Therefore, the deposits represented only part of its position. Exchange deposits can indicate selling intent, although they do not confirm completed sales.
Are dip buyers supporting HYPE?
Despite the wallet deposits, HYPE’s decline attracted buyers across the Spot market.
CoinGlass data showed that Spot Netflow remained negative for three consecutive days during the pullback. At press time, Spot Netflow stood at -$6.18 million, compared with -$6.09 million the previous day.
Negative Spot Netflow indicated that traders withdrew more HYPE from exchanges than they deposited.
Meanwhile, SoSoValue data showed that HYPE ETF Net Inflows reached $2.13 million on the 15th of July. Net Inflows fell to zero on the 16th of July, indicating neither net buying nor net selling. This suggested that ETF investors paused after the previous day’s inflows.
Can HYPE recover above $60?
Spot demand and easing ETF selling offered HYPE some support. However, short-term downside pressure remained strong. The Relative Strength Index [RSI] fell to 37, placing HYPE below the neutral level.
Meanwhile, the Directional Movement Index’s [DMI] positive indicator declined to 17. The Average Directional Index rose to 26.
Together, these readings indicated that bearish momentum retained control.
Continued selling could push HYPE toward $52. However, stronger Spot demand could help the altcoin reclaim $60. A sustained recovery above that level could shift attention toward $68.
Final Summary
- An a16z-linked wallet deposited 471,500 HYPE, worth $30.57 million, across multiple exchanges.
- HYPE breached $60, but Exchange Outflows indicated that Spot buyers were accumulating during the decline.