Hyperliquid’s native token, HYPE, fell nearly 12% over the past 24 hours as heavy selling pressure and bigger market weakness weighed on the asset.
The decline came after On-chain tracking platform Lookonchain reported on July 17 that an a16z-linked wallet deposited nearly 437,000 HYPE, worth about $28.38 million, to exchanges including Hyperliquid, OKX, Bybit, and Gate over the past two days.
Blockchain analytics platform Spot On Chain identified another wallet believed to be linked to a16z that transferred an additional $30.57 million worth of HYPE to exchanges. Combined, the two wallets moved roughly $59 million in HYPE within 24 hours, adding to selling pressure as investors locked in profits following the token’s strong rally in recent weeks.
The #a16z-linked whale that previously accumulated a massive amount of $HYPE has started selling!
Over the past 2 days, the whale has deposited 437,000 $HYPE ($28.38M) into #Hyperliquid, #OKX, #Bybit, and #Gate to sell.$HYPE has already fallen 12% over the past 2 days.… pic.twitter.com/V2UYmQmvYx
— Lookonchain (@lookonchain) July 17, 2026
HYPE was trading at $59.46 at the time of writing, down from an intraday high of $66.07. Trading volume climbed about 40% over the same period, showing increased activity as traders reacted to the sell-off.
Why is HYPE under pressure?
The token’s decline also came during a bigger market pullback triggered by fresh geopolitical tensions after new US strikes on Iran and the expiry of crypto options contracts.
According to CoinGlass, nearly $400 million was liquidated across the crypto market over the past 24 hours, affecting more than 100,000 traders. HYPE alone accounted for around $19 million in long liquidations, reflecting the sharp drop in price.
The largest single liquidation during the period was an ETHUSDT position worth $6.24 million on Binance.
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Derivatives weaken as Robinhood Chain overtakes Hyperliquid
Selling pressure was also visible in the derivatives market. CoinGlass data showed HYPE futures open interest fell more than 8% over the past 24 hours to $2.55 billion. Open interest on Binance dropped 13%, while Bybit recorded a 12% decline, indicating traders were reducing bullish positions.
Meanwhile, competition in the decentralized exchange sector intensified. Robinhood Chain surpassed Hyperliquid in 24-hour DEX trading volume, recording more than $606 million compared with Hyperliquid’s lower activity. Over the past seven days, Robinhood Chain processed $5.29 billion in DEX volume, while Hyperliquid recorded $1.48 billion.
Market analyst Cheds Trading said HYPE has slipped below its EMA-8 on the weekly chart, a move that could expose the token to further downside toward the $55 level if support fails to hold.
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