The Hyperliquid (HYPE) exchange-traded fund debuted in the US on Tuesday and pulled in over $1 million in inflows on its first day. But the celebration was short-lived. By Wednesday, HYPE's price had dropped about 4% to roughly $38, caught in a broader crypto market downturn.
ETF launch meets market headwinds
The ETF launch itself was a milestone — the first fund tied directly to Hyperliquid's native token. Day-one inflows topped $1 million, a decent start for a niche product. But the broader market wasn't cooperating. Bitcoin and other major coins slipped Wednesday, dragging HYPE along with them. The token's previous all-time high from the prior bull run was around $59, a level that now looks distant.
Two analysts, two very different takes
Analyst McKenna described HYPE's recent price action as resembling a local top. He pointed to two failed attempts to break above $45 resistance. In his view, a large range is forming between roughly $35 and $50, suggesting the token could trade in that band for a while. McKenna's longer-term outlook is bullish — he expects HYPE to eventually hit three digits before summer 2027, possibly $100 — a more than 163% increase from current levels.
Analyst Umair Orakzai reads the charts differently. He warned that signals are increasingly bearish. A trendline has broken, and large candles suggest the trend is no longer intact. 'Panic may spread,' he said. Orakzai sees real panic kicking in if HYPE falls below $38.8. Next major support sits at $35, and if that breaks, levels around $29 — not seen since March — could come into play.
Key levels to watch
For now, $38.8 is the line in the sand. Above it, the token could try to reclaim $45 and eventually test the $50 upper end of McKenna's range. Below it, $35 becomes make-or-break. The $29 level, if reached, would mark a roughly 24% drop from Wednesday's price. The ETF inflows are a positive signal for institutional interest, but the price action this week shows the market isn't convinced yet. Next week's trading will test whether HYPE can hold support or if the bears take control.
