Hyperliquid (HYPE) Faces Pressure as Major Investors Withdraw $150M in Staked Tokens

Key Takeaways

• The HYPE token experienced a 7% decline within 24 hours and has fallen 15% across the last week, hovering near $58.
• Investment firm Multicoin Capital withdrew 1.96 million HYPE tokens (approximately $120M) from staking through three separate wallets, weeks after releasing an optimistic $319 price forecast.
• Selini Capital followed suit by unstaking around 504,000 HYPE tokens (~$31M), contributing to market uncertainty.
• Spot HYPE exchange-traded funds experienced multiple days of net withdrawals throughout July, including a peak single-day outflow of 90,580 HYPE on July 17.
• Technical analysis suggests a breach of the $54–$55 support range could drive HYPE down to $48, whereas maintaining this level may enable a bounce to $63–$67.

The Hyperliquid (HYPE) token has encountered significant downward pressure throughout the current week, declining from a recent peak of $70 to approximately $58. The cryptocurrency has shed around 15% of its value during the past week, including a sharp 7% decrease over the most recent 24-hour period.

Notwithstanding this recent pullback, HYPE maintains an impressive 129% gain year-to-date for 2026, positioning it among the top-performing digital assets of the year.

The current price decline appears connected to several substantial unstaking transactions executed by well-known cryptocurrency venture capital entities. Blockchain analytics platform Lookonchain identified that Multicoin Capital moved nearly 400,000 HYPE tokens to Coinbase Prime while simultaneously initiating an unstaking request for another 212,000 tokens.

Multicoin Capital appears to be taking profits on 606,091 $HYPE ($36.5M) bought around $30 5 months ago.

6 hours ago, Multicoin Capital deposited 395,570 $HYPE($23.78M) into #CoinbasePrime and also requested to unstake 211,486 $HYPE($12.94M).

Multicoin Capital's profit on $HYPE… pic.twitter.com/iMAbLhMZQr

— Lookonchain (@lookonchain) July 22, 2026

Additional blockchain intelligence reveals that Multicoin withdrew a combined 1.96 million HYPE from staking positions across three different wallets, representing roughly $120 million in value. These holdings had remained locked in staking for close to two months prior to their withdrawal.

The sequence of events sparked discussion within cryptocurrency circles. Approximately one month before initiating the unstaking process, Multicoin released an extensive research report expressing strong confidence in HYPE with a projected long-term valuation of $319. Blockchain records indicate Multicoin initially acquired HYPE tokens at approximately $30 each, suggesting a complete liquidation at present market rates would generate around $18.5 million in total gains.

Selini Capital Also Withdraws Significant Stake

Investment firm Selini Capital similarly unstaked roughly 504,000 HYPE tokens, representing approximately $31 million in market value. Combined, these two institutional players have withdrawn more than $150 million worth of staked HYPE tokens from the network.

While unstaking tokens doesn’t necessarily indicate immediate liquidation plans, it does enable unrestricted token movement. Transferring assets to centralized exchanges such as Coinbase is commonly interpreted as preparatory action for potential selling.

Cryptocurrency research account Coin Bureau highlighted on X that Hyperliquid’s open interest reached a fresh 2026 peak of $11.5 billion — representing the highest recorded level since the notable “10/10 crash” event. This data indicates robust trading activity persists despite declining spot market prices.

BULLISH: Hyperliquid's open interest climbs to a new 2026 high of $11.5 billion, its highest level since the 10/10 crash. pic.twitter.com/X1jp1LSt1I

— Coin Bureau (@coinbureau) July 23, 2026

Institutional Demand Weakens Through ETF Withdrawals

Traditional institutional participation has shown signs of cooling. Spot HYPE ETFs registered a combined net withdrawal of 11,210 HYPE on July 21. The most significant single-day withdrawal during July occurred on the 17th, when institutional investors removed 90,580 HYPE tokens from fund holdings.

From a chart perspective, HYPE has broken beneath the support boundary of a symmetrical triangle formation that had contained price action for multiple weeks. The Relative Strength Index has declined to 40, while the Chaikin Money Flow indicator has shifted into negative territory, both signaling diminishing bullish momentum.

Critical support is established within the $54 to $55 range. Should buyers successfully protect this zone, market analysts anticipate a potential rebound toward $63, followed by resistance at $67–$70. Conversely, a confirmed close beneath this support area could trigger further downside movement toward $48.

Current market data shows HYPE trading at $58, with market participants closely monitoring the $54–$55 support threshold through upcoming sessions.

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