Hyperliquid’s price struggles as whale offloads 215K HYPE: Is a drop coming?

• Hyperliquid whale offloaded 215,850 HYPE at a $290K loss.
• HYPE’s Daily Token Trading Volume dropped to $143.3 million, the lowest in over three months.

Since hitting an all-time high of $45.7 three weeks ago, Hyperliquid [HYPE] has drifted into limbo, treading between $38 and $41 without conviction.

Price action flatlined, and so did on-chain energy.

Buyers vanished — What’s left is just the echo

According to Artemis, Daily Token Trading Volume collapsed to $143.3 million—a three-month low. That’s not just low interest—it’s a vacuum.

This suggests that investors have taken a step back from the market. 

Source: Artemis

At the same time, existing ones are panic exiting, with large holders leading the way. 

Hyperliquid whale dumped 215,850 HYPE

According to Onchain Lens, a whale sold all 215,850 HYPE for $8.37 million. Following these transactions, the whale recorded $290K in losses. 

Arguably, when holders decide to sell at a loss, it signifies a lack of conviction in the market and fear of making more losses. Thus, this whale has become impatient and decides to exit before prices drop any further. 

The move dragged Weighted Sentiment to -1.229, at press time — a monthly low. This wasn’t profit-taking. It was cutting losses before more damage hit.

Futures cool off, and bears creep in

Meanwhile, the derivatives market isn’t faring much better.

Source: DefiLlama

HYPE’s Perpetual Volume declined to $2.436 billion as of this writing from a recent high of $8.7 billion.

A drop here suggested that fewer traders are actively participating in leverage-based speculation as the appetite for directional bets plummets. 

Interestingly, those left in the future are mainly betting on prices to decline in the short term. Funding Rate flipped negative to -0.0006 on Coinalyze, a clear shift in bias.

Source: Coinalyze

But here’s the twist: despite the bearish lean, there’s no momentum. Just quiet positioning—and that’s often when squeezes strike.

A drift lower or a violent squeeze?

According to AMBCrypto’s analysis, HYPE holders are taking a step back from the market as bearish sentiments strengthen. 

Stochastic RSI dropped to 62.10 after a bearish crossover from 74.12. The Relative Vigor Index dipped to 0.0917, confirming the weakness.

Source: TradingView

When these indicators come together, they point towards a price breakdown. Therefore, if these conditions persist, HYPE could drop to $36.8. 

However, if sentiment flips, a bounce would liquidate shorts, causing the price to hike to $41. Thus, the next move solely depends on how spot buyers react to the market.