Large HYPE deposits to OKX signal selling pressure. Grayscale says cash flows make it cheap vs fintech peers. The $54.37 support level is key. Traders watch weekly closes.
Large token deposits to centralized exchanges are putting pressure on HYPE, the native token of the Hyperliquid protocol. The analytics firm Lookonchain detected a transfer of 495,473 HYPE from a wallet tied to the firm Selini Capital to the OKX exchange. The deposit happened within a single hour. Transfers to exchanges often precede selling, analysts said.
HYPE has been sliding since its June 2026 all-time high of $76.80. The latest breakdown pushed the token toward the critical support level of $54.37. A close below that zone would open the path to the 200-day exponential moving average near $50.23, according to technical readings.
Grayscale Investments offered a counter-narrative. The asset manager said HYPE trades at a forward multiple of about 15 to 18 times, far below fintech peers like COIN and HOOD. Hyperliquid generates real cash flows from its perpetual futures activity, Grayscale said, so the token can be valued on earnings per token rather than earnings per share. On that basis, HYPE still looks cheap, the firm concluded.
Sector reports show the network collected roughly $800 million in fees during the previous cycle. That revenue stream gives the token a valuation floor that pure-speculation assets lack, Grayscale said. The protocol's circulating supply is expected to reach 270 million to 310 million tokens by the end of 2027, depending on team unlocks and incentive releases.
The $54.37 level is the key line in the sand. Weekly closes above that support would signal the market is absorbing the whale supply, traders said. A failed defense would put the $50 area in play. The next quarterly fee revenue report will give the market a fresh look at whether Hyperliquid's cash flows are still growing.
Traders said the divergence between spot price and fundamental valuation creates a potential entry point if the token holds support. For now, exchange inflows and order-book liquidity will decide whether the Grayscale thesis holds or the bearish pressure continues.
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