Hyperliquid’s rebound attempt collapsed after the altcoin was rejected at $68. HYPE then broke the $60 support and fell as low as $58.
At press time, HYPE was trading at $59 after an 11.2% 24-hour decline. It was also down 12% for the week.
At the same time, trading volume jumped 36% to $561 million, reflecting increased activity during the sale.
Why did a wallet linked to a16z move $30 million?
HYPE faced stronger selling pressure after its rebound failed.
According to Arkham, a wallet linked to a16z deposited 471,500 HYPE, worth $30.57 million, across multiple exchanges. Receiving exchanges included OKX, Bybit and Gate.
However, the wallet still held over 9 million HYPE, making it one of the largest token holders.
The deposits therefore represented only part of its position. Foreign exchange deposits may indicate an intention to sell, although they do not confirm sales made.
Are dip buyers supporting HYPE?
Despite portfolio deposits, the decline of HYPE attracted buyers to the Spot market.
Data from CoinGlass showed that Spot Netflow remained negative for three consecutive days during the pullback. At press time, Spot Netflow stood at -$6.18 million, up from -$6.09 million the day before.
Negative Spot Netflow reported that traders were withdrawing more HYPE from exchanges than they were depositing.
Meanwhile, data from SoSoValue showed that net inflows into HYPE ETFs reached $2.13 million on July 15. Net inflows fell to zero on July 16, indicating neither net buying nor net selling. This suggests that ETF investors took a breather following the previous day’s inflows.
Can HYPE recover above $60?
Spot demand and easing ETF sales offered some support to HYPE. However, short-term downward pressures remained strong. The Relative Strength Index (RSI) fell to 37, placing HYPE below the neutral level.
Meanwhile, the positive Directional Movement Index (DMI) indicator fell to 17. The average Directional Index increased to 26.
Together, these readings indicated that bearish momentum remained in control.
Continued selling could push HYPE towards $52. However, stronger one-time demand could help the altcoin recover $60. A sustained recovery above this level could draw attention towards $68.
Final summary
- A wallet linked to a16z deposited 471,500 HYPE, worth $30.57 million, across multiple exchanges.
- HYPE rose above $60, but exchange outflows indicated spot buyers were piling in during the decline.
