Hyperliquid's HYPE token is testing a pivotal support zone as outflows from U.S. spot exchange-traded funds pick up, even as the protocol continues to generate substantial fees and channels most of its revenue into HYPE buybacks. Hyperliquid operates a decentralized exchange for perpetual futures, with HYPE serving as its native token. Perpetual futures are derivative contracts with no expiry date and rank among the most actively traded instruments in crypto markets, the segment where decentralized venues like Hyperliquid compete with centralized exchanges.

HYPE is trading around $75.79 on the Oct. 25 daily chart, extending its retreat from the September record high near $98. The token opened the session near $76.59 and reached $76.81 before dropping to $75.64, leaving it down about 1% at the time of the chart and roughly 22% below its all-time high of $97.96, set on Sept. 23.

The longer-term chart still shows a pattern of higher lows, but the short-term setup has weakened. Price is testing a former resistance zone between $74 and $77, while the rising trendline sits lower, in the low $70s.

HYPE Tests a Key $75 Support Area

The level to watch right now is $74-$76. That zone acted as resistance earlier this year before HYPE broke above it. Former resistance flipping into support is one of the most widely followed dynamics in technical analysis, which is why this area is drawing attention. If it holds as support, the chain of higher lows stays intact and another run at $80 becomes possible. Whether buyers can defend the area on a daily closing basis will help determine the token's next directional move.

Analyst MrTranquility, posting on X as @MstrTranquility on Oct. 23, said HYPE “looks like it has some unfinished business below.” He called the $75 neckline the level to watch. In his view, a loss of it could open a path to $70, then $60 and $50. If it holds, he said, the bears might become exit liquidity.

$HYPE looks like it has some unfinished business below

That $75 neckline is the level to watch

Lose it, and $70 → $60 → $50 could be on the table

If we hold it, and the bears might become the exit liquidity

Either way, somebody's getting humbled here pic.twitter.com/m1Dq6hluIN

— MrTranquility (@MstrTranquility) October 23, 2026

Momentum is soft. The daily RSI is at 35.07, close to oversold territory. The MACD is also bearish, with both lines falling and the histogram below zero, indicating that sellers still control the short-term move.

A daily close below $74 would put the rising trendline at $70-$72 in focus. On the upside, HYPE first needs to reclaim $80-$82. Resistance then sits at $88-$90, ahead of the September high.

ETF Outflows Cool Institutional Demand

Demand from U.S. spot Hyperliquid ETFs has cooled. The three funds — Grayscale's HYPG, Bitwise's BHYP and 21Shares' THYP — recorded no net flow on Oct. 23. The session before, about $7 million left Bitwise's BHYP and $0.9 million left 21Shares' THYP.

Spot crypto ETFs hold the underlying token in a wrapper that trades through conventional brokerage accounts, and their daily flow prints are among the most closely watched gauges of institutional demand for a given asset. Over the last five trading days, Bitwise lost about $18.8 million and 21Shares lost about $10.8 million. Even so, the lineup holds around $390 million in net assets and has drawn about $310 million in total net inflows since launching in May. Grayscale's HYPG accounts for $151.9 million of those inflows, Bitwise has taken in $125.5 million and 21Shares $31.8 million.

Protocol Revenue Keeps Funding HYPE Buybacks

The protocol itself remains busy. Total value locked, a measure of assets deposited on the platform, is near $8.2 billion, down about 8% over 30 days. That is still well above the $5.7 billion recorded at the end of June, but below the September record of $9.07 billion.

Hyperliquid generated about $80.9 million in fees and $64.5 million in revenue over the past 30 days Its Assistance Fund uses most of that revenue to buy HYPE on the open market. Revenue-linked buybacks of this kind are a mechanism some token protocols use to route platform earnings back into the token's market, and because Hyperliquid's purchases are recorded on-chain, they can be independently verified. On-chain data shows about $63.9 million of the token was purchased in the last 30 days, and the fund now holds about 48.2 million HYPE.

Ripple Prime has also expanded into real-world asset perpetual swaps linked to Hyperliquid. The service covers more than 100 markets, including equities, indices, ETFs, metals, energy and foreign exchange. The swaps reference Trade.xyz perpetual futures listed on Hyperliquid, and market maker Virtu is already using the product. Clients can post RLUSD as collateral where available. The product extends Hyperliquid's reach beyond crypto-native assets into traditional markets.

Token unlocks release allocations previously locked under vesting schedules, adding to circulating supply on a set date. Hyperliquid's next core-contributor unlock is set for Nov. 6, when about 9.92 million HYPE allocated to core contributors is due to be released. Between daily closes around the $74-$76 zone, the next ETF flow prints and the Nov. 6 unlock, the coming sessions offer several concrete datapoints to track.

Source: CoinCentral