70.81 million liquidation + a whale dumping + mNAV crashing to 0.87

——Is this round of “leverage liquidation” in HYPE a good thing or a bad thing?

HYPE falls below $60, down 10.4% in 24 hours. It’s already down 21% from its all-time high of $76.85.

In the past 24 hours, Hyperliquid traders have been liquidated for $70.81 million.

An a16z-linked address withdrew 471,500 HYPE tokens within a day—about $30.57 million—and transferred them to multiple trading platforms.

Do you feel like it’s over?

Don’t rush.

$70.81 million—those numbers are scary, but the story isn’t that simple

On July 17, Onchain Lens monitoring showed that over the past 24 hours, Hyperliquid traders incurred $70.81 million in liquidation losses.

But first, calm down. In a high-leverage ecosystem like Hyperliquid, a concentrated liquidation in one sweep is essentially forced deleveraging.

Remember that epic Bitcoin liquidation back in 2021 at $30,000? After the explosion, the rebound happened soon—back to $48,000.

“All bull markets start by clearing the corpses.”

If the longs don’t die, the downtrend won’t stop. Now the longs are “dead” for $70.81 million—so where does it go from here?

Whales are running, but not running much

Another signal: a whale holding $55.3 million worth of HYPE, after lying dormant for weeks, sold $5.81 million worth of it.

Over the past 24 hours, this wallet sold 91,100 HYPE tokens.

$5.81 million is about 10% of the $55.3 million position.

This isn’t an all-out exit—it’s cutting exposure and observing.

mNAV drops to 0.87—that’s the signal worth thinking about most

This is the most interesting part today.

HypeStrat—Hyperliquid’s treasury company—has not adjusted its treasury this week. No HYPE purchases, and no PURR purchases.

Its mNAV has already dropped to a long-term low: 0.87x, with post-tax value of only 0.80x.

What is mNAV? Simply put, it’s the discount of the market price relative to the net asset value. A 0.87x implies the market is only willing to buy this company’s net assets at 87% of their value.

Long-term low + not buying—what does that mean?

Interpretation 1 (bearish): Even their own people think it’s expensive, so they don’t dare to buy—meaning it still has to fall.

Interpretation 2 (neutral): Professional institutions are “waiting,” not “fleeing.” They’re waiting for a cheaper price, or for clearer signals.

In early July, HypeStrat bought 600,000 HYPE tokens within 7 days. Back then, when mNAV was close to 1x, they dared to buy. Now that it’s down to 0.87x, why aren’t they buying?

Next week is the real exam—ETF data will tell the truth

Since the HYPE spot ETF launched in June, its historical cumulative net inflows are $301 million.

But on July 17, the ETF saw a single-day net outflow of $5.45 million.

Is this the first blood of a trend reversal, or just a temporary pullback?

Next week’s ETF flows will tell you the answer:

If the ETF continues to see net inflows: it means institutions are “collecting bodies,” picking up bloody chips.

If the ETF keeps seeing outflows: then this round of leverage liquidation may not be finished yet. #PreIPOs第二期OpenAI认购 #GateDEX全面接入RobinhoodChain #夏日创作营 $BTC $ETH $HYPE