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#BTC涨1.17%

$HYPE After pulling back from a high of over 97 yuan, it is now hovering around 87 yuan, seemingly caught between “unlocking selling pressure” and “buyback support.”
The chart shows MA7 has already fallen below MA25, indicating a weak short-term trend, but MA99 is still providing firm support below, suggesting that medium- to long-term support remains intact. Trading volume has clearly contracted over the past few days, indicating that both bulls and bears are waiting on the sidelines, with no one daring to push aggressively.
Fundamentally, @HyperliquidX’s buyback efforts are indeed substantial: 99% of fees are used to buy back and burn tokens, and a USDC yield buyback stream was added in October, allowing several million dollars’ worth of HYPE to be purchased every day. The problem is that 9.92 million tokens were just unlocked on October 6 (approximately $336 million), which is no small amount of selling pressure. No matter how aggressive the buybacks are, they first have to absorb this wave of “massive supply.”
So my view is: don’t chase the price in the short term; wait until it stabilizes above 87.5 before considering an entry. If it falls below 84, it may test the support at 80. In the medium to long term, as long as buybacks continue and protocol revenue does not collapse, HYPE still has value, but it must get through this period of post-unlock pain.
Trading suggestion: Focus on light-position observation; aggressive traders can try small long positions in the 85–86 range, with a stop-loss below 83. Conservative traders should wait for a volume-backed breakout above 90 before following in. Don’t let the “buyback” narrative cloud your judgment—the market is currently more afraid of the “unlocking” sword of Damocles. $HYPE