HYPE’s Bear Trap: Why $75 Could Be the Smart Money’s Doorway Back In
(SeaPRwire) – Hyperliquid’s HYPE token is sitting at $75.79, bruised and breathing hard. It has shed twenty-two percent from its September all-time high of $97.96 and is pressing against a support zone that has saved this token before. The question no one wants to ask is whether this drop is punishment or opportunity.
The chart tells a conflicted story. RSI at thirty-five sits near oversold. MACD is bearish, histogram below zero, sellers still steering the short-term move. The $74 to $76 zone acted as resistance earlier this year before the breakout. Losing it opens a path to the rising trendline in the low seventies, then lower. Holding it keeps the higher-low pattern alive and makes another shot at eighty feel plausible.
The ETF data adds friction. Bitwise lost roughly eighteen-point-eight million dollars over five trading days. 21Shares shed about ten-point-eight million. Grayscale, however, captured a hundred and fifty-one point nine million of the three hundred and ten million in total inflows since May. The protocol itself tells a different story. It generated sixty-four point five million dollars in revenue over thirty days. Most of that goes straight into HYPE buybacks. An assistance fund now holds forty-eight point two million tokens worth roughly six million dollars on the open market.
That buyback engine is the structural counterweight nobody prices into the daily chart. Protocol revenue funds token repurchase regardless of where price trades. Sixty-three point nine million dollars of HYPE was bought in the last thirty days alone. The assistance fund sits on a mountain of supply that can be spent to defend the token when pressure arrives. This mechanism exists precisely because the team understands that buybacks work as automatic market-making without requiring manual intervention from treasury desks.
Ripple Prime expanded into real-world asset perpetual swaps referencing Hyperliquid futures. Virtu Markets already uses the product. Over one hundred markets cover equities, indices, metals, energy and foreign exchange. Clients can post RLUSD where available. The infrastructure play is real. The token price, however, trades as if institutional adoption lives in some distant future while unlocks are imminent.
Nine point nine two million HYPE unlocks on November sixth. That is nearly ten percent of circulating supply hitting the market at a time when momentum is soft and ETF demand is fractured. The protocol’s buyback capacity and the expanding RWA infrastructure form a genuine floor. But floors get tested when large unlocks collide with weak momentum. The smarter money will watch whether the buyback engine absorbs the supply or whether the $75 support becomes the start of a deeper retracement toward seventy dollars and beyond.
Author bio: Lucas Caldwell is a technology opinion leader on X with millions of followers, known for decoding crypto market mechanics through protocol economics and supply dynamics.