HYPE Price Slides as Whale Selling Grows, But Grayscale Sees Long-Term Value

The HYPE price has been under pressure since peaking at $76.80 in June, extending its decline and aiming toward the 200-day EMA at $50.23. With the token already testing investor confidence, another break below the $54.37 support could accelerate the short-term correction. 

Yet, beneath the selling pressure, the fundamental narrative isn’t quite as one-sided as the charts suggest. Recent on-chain activity shows why sentiment has turned cautious.

Whales Continue Adding Selling Pressure

According to Lookonchain, a wallet linked to Selini Capital deposited 495,473 HYPE, worth approximately $26.8 million, to OKX within an hour. Large exchange inflows are often interpreted as potential selling activity, and this transaction reinforced concerns that institutional-sized holders are reducing exposure.

Combined with the steady decline from June’s all-time high, the move has strengthened the current bearish momentum surrounding the HYPE price.

Grayscale Focuses Beyond Market Weakness

Not everyone is looking at the token through the same lens. Grayscale argued that HYPE trades at a forward multiple of roughly 15x to 18x, adding that Hyperliquid generates real cash flows and therefore can be evaluated using earnings per token rather than earnings per share. 

Based on that framework, grayscale Investment grayscale Investment Grayscale, officially known as Grayscale Investments, LLC, and its related entities, is a major name in digital asset investing. The platform focuses on crypto investment products that follow strict regulatory standards, making it easier for individuals, financial experts, and institutions to enter the crypto market with confidence. It is also regarded as the world's largest cryptocurrency-focused investment platform in terms of assets under management (AUM). Key features: Grayscale allows investors to safely access cryptocurrency holdings in a secure environment. Its regulated, easy-to-use investment products open doors to digital asset opportunities. Offers ETFs that make investing in major cryptocurrencies simple for both individuals and institutions. Offers single-asset solutions, such as Bitcoin or Ethereum, for targeted cryptocurrency investments. Shares research insights to assist investors in understanding trends and making more informed decisions. Investment platform believes the asset still appears inexpensive compared with fintech companies such as Coinbase (COIN), Robinhood (HOOD), and Circle (CRCL).

From a perspective, It’s a reminder that market price and fundamental valuation don’t always move together.

Technical Levels Become The Next Battleground

For now, the technical picture remains critical. If the HYPE price drops by $54.37, attention shifts to the 200-day EMA near $50.23. However, if buyers defend that area, the recent June and July decline could eventually resemble a pullback within a broader rounded-bottom structure.

In that scenario, a successful rebound could reopen the path toward the previous $76.80 all-time high. If that Hyperliquid Hyperliquid Hyperliquid is a high-performance decentralised exchange (DEX) and Layer-1 blockchain that enables perpetual futures trading, on-chain order books, and fast cryptocurrency trade execution. It is primarily intended for DeFi traders and derivatives markets, combining the speed common on centralised exchanges (CEX) with the transparency and security of blockchain. Launched in 2022, Hyperliquid has grown into a leading decentralised derivatives trading platform. It is backed by its native HYPE token, uses custom HyperEVM infrastructure, and operates through a fully on-chain trading system.     Key Features of Hyperliquid:   No traditional gas fees. Users can trade without extra transaction costs. Provides centralised exchange-level speed while maintaining self-custody and decentralisation. Comes with HyperEVM, an EVM-compatible environment for building dApps and DeFi tools. The HYPE token is used for governance, staking rewards, and community incentives. Uses a fully on-chain order book, so trades stay transparent, verifiable, and harder to manipulate.   Hyperliquid Milestones   Year Achievements 2022 Started work on a custom L1 blockchain built on HyperBFT consensus. The main goal was to fix latency issues seen in general-purpose chains. 2023 The perpetual DEX went live on its own L1, with initial bridging from Arbitrum. This phase also introduced HLP (Hyperliquidity Provider), opening up market-making to more users. 2024 A major “fair” launch in DeFi. On November 29, the native $HYPE token was airdropped to users, with 0% allocation to private VCs. 2025 The platform moved from a focused app chain to a broader, general-purpose system. With HyperEVM, Ethereum-compatible smart contracts can now run directly on Hyperliquid. Decentralised Exchange resistance is reclaimed, the $100 level becomes a possible longer-term target. Until then, bulls must first prove they can halt the current wave of institutional selling.

• HYPE$ 58.91(0.07%)