Hyperliquid (HYPE) has dropped 22% from its July peak of $73, breaking a key trendline as analysts turn defensive. The platform’s weekly revenue fell by 3x from $21M to $7M, impacting buyback pace from 318,000 HYPE in early June to 108,000 tokens by late July. Institutional selling intensified with Multicoin Capital unstaking $120M in HYPE this week, while HYPE ETFs face average daily outflows of $1M. Analysts warn the pullback could deepen toward the monthly demand zone near $35, though some view deeper corrections as discounted buying opportunities.
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