【HYPE has dropped a lot recently, but the fundamentals haven’t broken】

Performance is still growing, buybacks and burns continue, but the price is just falling.
Buybacks are still ongoing
In the past 7 days, buybacks and burns totaled 130.9k HYPE, worth about $7.65 million, at an average price of $58.45. During the bear market cycle, it’s still sticking to real, actual buybacks and burns—pretty hardcore.
Fundamentals haven’t broken
Platform open interest is over $11 billion, setting a new high for 2026
The HIP-3 RWA market continues to expand
Closed-door meeting with the SEC crypto task force
Spot HYPE ETFs have had consecutive weeks of net inflows
But bearish factors are definitely stacking up
1. Large whale selling
A whale has released its stake and sold about 443k HYPE, worth $27 million to $28 million; within two days, the price was hit down 12%.
2. Longs being liquidated
HYPE futures open interest has shrunk to around $2.7 billion; long positions are being liquidated in batches, and funding rates have turned negative. Leveraged long orders that entered at the June peak are being forcibly closed out.
3. Regulatory warning
The Monetary Authority of Singapore has added the Hyper Foundation official website and the Hyperliquid trading app to an investor warning list, triggering a wave of sell-off sentiment.
4. Unlock pressure
On August 6, about 9.92 million HYPE (about 1% of the supply, worth about $618 million) will unlock. The expectation itself is also causing some capital to exit early.
The fundamentals haven’t broken, but the near-term selling pressure is indeed significant.