HYPE falls to $80 as ETF outflows and flat volume weigh on Hyperliquid

• HYPE dropped to $80 as perpetual volume and revenue on Hyperliquid stayed flat last week.
• HYPE ETFs have failed to attract meaningful capital, recording $10.3 million in net outflows since the beginning of September.
• HYPE faces the short-term EMA hurdle as it attempts to recover from recent declines.

Hyperliquid (HYPE) declines 4% on Tuesday, briefly touching $80 as perpetual volumes stay flat and institutional interest decreases.

Hyperliquid volume remains flat, ETF flows absent

Perpetual volume on the platform saw a modest increase last week from $41.5 billion to $42.5 billion. The metric matters because 99% of fees Hyperliquid captures from trading volume flow toward token buybacks. It accounted for roughly 84% of Hyperliquid's gross profit in Q3.

Revenue is also flat, ticking down slightly from $14.6 million to $14.4 million over the past week. The slowdown in revenue and perpetual volume follows declining interest in cryptocurrencies and equities — which dominate Hyperliquid perpetual volume — over the past week as US Treasury yields climbed to multi-decade highs.

TradFi interest in the token has also remained weak, with US spot HYPE exchange-traded funds (ETFs) recording $2.35 million in net outflows on Monday, per SoSoValue data. The three HYPE products have scarcely attracted meaningful capital, recording $10.3 million in combined net outflows since the beginning of September.

HYPE technical outlook: Sellers mount pressure near the 20- and 50-day EMAs

On the daily chart, HYPE is holding below the short-term Exponential Moving Averages (EMAs) and preserving a bearish near-term tone. Price sits under the 50-day EMA at $83.3 and the 20-day EMA at $86.6, while remaining above the 100-day EMA at $76, suggesting a market that is pressured but not yet in a full trend reversal.

Momentum indicators reinforce this soft bias, with the 14-day Relative Strength Index (RSI) hovering in a neutral-to-weak area around 42 and the Stochastic Oscillator near 9, hinting at oversold conditions that could slow immediate downside without yet signaling a strong recovery.

On the topside, HYPE is testing the 50-day EMA, ahead of the horizontal barrier near $85. A daily close above that level will see HYPE tackle the key 20-day EMA hurdle, which it failed to reclaim after last week's decline, before challenging its record high at $97.9.

On the downside, immediate support is seen at $78.4 before the 100-day EMA and $75.6 convergence. A break beneath this cluster would expose deeper supports at $67.6 and $61.1 before a more substantial floor emerges near $51.5, where longer-term dip-buying interest would likely be tested.

(The technical analysis of this story was written with the help of an AI tool. Know more.)