- HYPE price falls 4.07% intraday, retreating from $42.68 to ~$40.55.
- Analysts warn of a short-term drawdown to as low as $26.
- Bitwise BHYP ETF amendment filed April 10; Bloomberg's Balchunas flags imminent launch.
- Arthur Hayes adds 26,022 HYPE for $1.1M; total position now worth ~$10.44M.
Hyperliquid price is down 4.07% on the session, sliding from an intraday peak near $42.68 to approximately $40.55 as sellers stepped in through the morning hours. The pullback trims part of a 24% rally that began off the April 2 lows, and it arrives precisely as short-term sell signals are surfacing across multiple timeframes.
Ali Charts identified a Tom DeMark Sequential ‘9’ sell signal on the 12-hour chart, the mirror of a buy signal that fired on April 2 and preceded the subsequent 24% run. Ali Charts now projects an initial retracement to $40.77, which has already broken, with a deeper flush to $39.33 if buyers fail to absorb selling at current levels. This is another about 3.01% crash from this level.
Analyst More Crypto Online flagged a similar concern via Elliott Wave on the 4-hour chart, noting that wave (B) appears to have formed a local top just below resistance, describing the current position as an “ideal location” for a near-term reversal.
A deeper corrective scenario, per the wave count, opens potential downside toward the $26–$28 Fibonacci zone, though that path would require a full structural breakdown from here. Near-term, the $39–$40 range is the level that matters.
Big Money Moves In as HYPE ETF Race Heats Up
The most structurally significant development in recent days is Bitwise’s April 10 amendment for a planned spot Hyperliquid ETF, set to trade under the ticker BHYP at a 0.67% management fee. Bloomberg ETF analyst Eric Balchunas flagged the detailed amendment as a signal of proximity to launch, a procedural step that historically precedes an active SEC review window. Grayscale and 21Shares have also submitted filings, meaning multiple competing products could reach the market in close succession.
On-chain accumulation is running alongside that. Arthur Hayes returned to the HYPE market on April 11, buying 26,022 tokens for roughly $1.1 million, his first purchase in nearly three months. His total position now sits at 247,334 HYPE worth approximately $10.44 million, up over $2.5 million on cost.
A separate, fresh wallet flagged by Lookonchain at address 0x96eb deposited 5 million USDC onto Hyperliquid and rapidly deployed $2.39 million of it into 59,239 HYPE. The wallet appears purpose-built for this entry.
Platform fundamentals remain dominant. Hyperliquid generated $396.4 million in revenue over the trailing 180 days, capturing a 61.9% share of the on-chain derivatives market. Across the full 365-day window, fees reached $834.4 million, with edgeX at 51.8% market share, a distant second at $267.7 million.
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