HYPE at $60—would you buy the dip?

First, the surface: a 21% pullback, retail investors swearing up a storm.

ATH was $76.80 (June 16). Now it’s $60.83, down nearly 21%. In the past 24 hours it’s down another 1.28%, around $59.24. It ranks #9 by market cap, roughly $15.2 billion.

The 50-day moving average is still above the 200-day moving average; the golden cross structure remains intact. This is a pullback, not a reversal—building up strength, not breaking down.

First thing: token unlocks dumping pressure? Nice try—repurchases are even stronger.

On July 6, about 9.92 million HYPE tokens were unlocked to the market. Based on the then price, that was worth roughly $645 million. Retailers were terrified: “This is going to get dumped again!”

But look closer—Hyperliquid’s foundation holds repurchase funds about 4.6x the value of the unlocked portion.

Right at the beginning of July, Hyperliquid completed a single $283 million repurchase, the largest in the industry since 2026. Cumulative repurchases are already over $1.1 billion; over 44 million HYPE have been permanently burned, accounting for 4.4% of total supply.

Second thing: protocol revenue has broken $1 billion—this isn’t an air coin.

As of June 30, Hyperliquid’s cumulative protocol revenue has surpassed $1 billion. The annualized run-rate is close to $840 million.

Over the past 12 months, revenue was $871 million—#1 among all crypto protocols.

User trades → generates fees
Fees → repurchase HYPE
Repurchase → burn HYPE
Supply decreases → value rises

The more people use the platform, the more valuable it becomes; the more it trades, the more deflationary it gets. This is 10,000x stronger than 99% of “governance tokens.”

Third thing: open interest flips XRP—capital votes with its feet.

CoinGlass data shows HYPE futures open interest reached $1.45 billion, higher than XRP’s $1.12 billion. It climbed to #4, behind BTC, ETH, and SOL.

The spot price is falling, but in the derivatives market, funds and trading heat are still concentrating into HYPE.

Meanwhile, the HYPE spot ETF keeps pulling in money—net inflow of $10.36 million in the first week of July. Bitwise’s BHYP cumulative net inflow has reached $130 million. ETF holdings are close to 2.4% of HYPE’s supply.

Long vs short—judge for yourself.

One side has:

Protocol revenue has broken $1 billion, annualized $840 million, #1 across the whole industry
Single $283 million repurchase; cumulative repurchases over $1.1 billion; 44 million tokens already burned
Futures open interest surpasses XRP, rising to #4
ETF continues to see net inflows—institutional channels open up
50-day MA > 200-day MA; golden cross structure intact

The other side has:

Dropped from 77 to 60, down 21% on the pullback—technical pressure
Core contributors unlock on the 6th of each month, continuing through 2027
Singapore’s MAS has placed Hyperliquid on an investor warning list
If BTC breaks below 60k, it could drag down all altcoins

Key levels:

Resistance above: 65-68 (short-term) → 76.90 (ATH) → 88-100 (bull-flag target)
Support below: 58-60 (current) → 53-55 (strong support)

For short-term traders:

Wait for a pullback to 58-60 to go long with light position sizing, stop loss at 55; first target 65-68, second target 76.

For swing traders:

Wait for the daily chart to put volume behind it and hold above 65 to enter on the right side; target 77-100. If it breaks below 55, stop out unconditionally. Watch BTC—if BTC holds, HYPE bounces; if BTC crashes, HYPE follows.

For long-term believers:

DCA in batches in the 55-60 range. Hyperliquid is one of the most solid projects in the current crypto market—real revenue + automatic buybacks + deflationary model. Hold for 1-2 years; target 100+.

HYPE right now is like BNB in 2020—

99% of people thought, “A platform that’s essential won’t go up.” Then platform revenue exploded + buyback deflation kicked in, and the price multiplied by 20x.

The day it breaks above 65, you’ll realize:

It’s not that HYPE isn’t good—it’s that you keep cutting losses every time at the lowest point. #GUSD年化升至3.8% #台积电Q2净利暴增77.4% #夏日创作营 $BTC $ETH $HYPE