• A wallet linked to Selini Capital transferred 495,473 $HYPE tokens, valued at approximately $26.8 million, to the OKX platform on July 29, 2026.
  • $HYPE’s price reached a peak of $76.80 in June 2026 before declining to test the $54.37 support zone.
  • The asset’s 200-day exponential moving average (EMA) sits near the $50.23 technical level.

In the final stretch of July, the $HYPE price maintains a corrective bias following confirmation of large token transfers to centralized trading platforms. These transactions by institutional holders have heightened market caution, even as independent analysis suggests a divergence between spot price action and the network’s intrinsic value.

The analytics firm Lookonchain detected a deposit of 495,473 $HYPE from a wallet associated with the firm Selini Capital to the OKX exchange within a single hour. Data from the analytics platform indicates that transfers to centralized exchanges typically precede selling operations. This massive influx reinforced the bearish pressure that began mid-year.

The native token price of the Hyperliquid protocol has steadily retreated after reaching its all-time high of $76.80 in June 2026. The breakdown of intermediate levels placed the focus firmly on the critical support level of $54.37.

However, fundamental readings present a different narrative than spot market dynamics. A report by Grayscale Investments notes that $HYPE trades at a projected forward multiple of roughly 15x to 18x. The asset manager maintains that Hyperliquid generates real operational cash flows, allowing the token to be evaluated using earnings per token rather than traditional earnings per share metrics.

$HYPE trades at a forward multiple of ~15-18x.
@HyperliquidX has real cash flows, so it can be valued like a stock, but on earnings per token, not earnings per share. On that basis it still looks cheap versus fintech peers like $COIN, $HOOD and $CRCL.

Learn more on the Stack:… pic.twitter.com/4ZhKyIbBoN

— Grayscale (@Grayscale) July 28, 2026

According to Grayscale’s evaluation model, the crypto asset’s valuation appears relatively modest when compared to fintech sector peers like Coinbase, Robinhood, or Circle. The firm concludes in its reports that market prices and a decentralized protocol’s financial metrics do not always move in tandem.

Key Levels and Technical Structure in the Derivatives Market

From a chart analysis perspective, the current support zone serves as a key reference level for market participants. A confirmed loss of the $54.37 level would lead the price to seek the 200-day EMA located at $50.23, according to technical readings.

Industry analysts point out that a successful defense of the $50 threshold could form a consolidation pattern or a rounded bottom within the broader trend. Under that scenario attributed to chart analysis, a firm rebound would reopen the path toward the $76.80 target over the medium term.

The operational performance of the decentralized protocol remains tied to perpetual futures activity. Sector reports indicate that the network generated approximately $800 million in fees during the previous cycle, consolidating its volume against traditional competitors.

Order book liquidity and the circulating supply of tokens play a role in absorbing the volume offered by institutional players. Grayscale estimates calculate that $HYPE’s circulating supply will reach between 270 and 310 million units by the end of 2027, depending on the pace of team unlocks and participation incentives.

The next milestone to watch will be the weekly candle closes above the $54.37 support range. The evolution of exchange inflows and the protocol’s quarterly fee revenue reports will determine whether buying strength can halt the liquidity wave provided by large capital wallets.