Hyperliquid HYPE slides 20% to $60 as profit-taking follows SEC meeting

HYPE fell 11% to $60.20 in the past 24 hours, extending a 20% decline from last week's $69 level as profit-taking and macro uncertainty overwhelmed bullish regulatory signals.

CoinGecko data shows HYPE trading at $60.20 as of 06:00 UTC, with 24-hour volume of $433 million. The token's all-time high of $76.87 on June 16 now sits 22% above current levels.

The selloff accelerated despite two ostensibly bullish developments. On July 14, the SEC Crypto Task Force met with the Hyperliquid Policy Center, Trade.xyz operator XYZ Ltd., and Sullivan & Cromwell LLP to discuss on-chain derivatives regulation — a meeting that initially pushed HYPE up 5% to $67. Separately, Hyperion DeFi committed 500,000 HYPE tokens, valued at roughly $33.6 million, to back Skew Technologies' institutional perpetual futures buildout under the HIP-3 framework.

The $60 level represents a key psychological support. A break below could open a path toward $55, the token's May low, while resistance sits at $67, the post-SEC meeting peak. The next catalyst is the rollout of Skew Technologies' HIP-3 markets, which could drive renewed institutional demand.

On-Chain Activity Tells a Mixed Story

While HYPE's price has fallen, underlying network activity remains strong. Total open interest across Hyperliquid's perpetual futures markets climbed to nearly $11 billion as of July 8, according to Blockworks data, with real-world asset perpetuals hitting a record $3.6 billion in open interest — overtaking Bitcoin as the exchange's largest trading market. The HIP-3 builder-deployed market framework accounted for roughly $4 billion of that total, including more than $250 million tied to SpaceX ahead of its expected public listing.

ETF Outflows Add to Selling Pressure

US HYPE spot ETFs recorded a net outflow of $5.73 million on Friday, pulling cumulative net assets down to $350.65 million from $354.70 million a day earlier, SoSoValue data shows. On Stocktwits, retail sentiment around HYPE remained "extremely bearish," with chatter levels described as "low." Despite the pullback, HYPE remains up roughly 156% year-to-date.

This article is for informational purposes only and does not constitute investment advice.