Hyperliquid’s native token HYPE has entered a fresh price discovery phase, recording multiple all-time highs in the past week. The token traded as high as $86.8 before cooling to around $83–$85, still up roughly 40% for the week. The rally has been supported by treasury accumulation: Hyperliquid Strategies now holds 29.3 million HYPE tokens, after deploying approximately $773.4 million toward HYPE purchases and other activities. The company raised $646.6 million through a committed equity facility and bought around 16.5 million HYPE at an average price of $46.77 per token.
Investors have also focused on new buyback mechanics. Under AQAv2, about 90% of cost-adjusted yield now supports HYPE buybacks, creating an additional demand source. Hyperliquid reported $305.5 million in annual net income, with unrealized HYPE gains contributing $709.9 million. The related PURR token climbed 19.64% to $13.83 after the earnings update. Network activity remains strong: Hyperliquid controls roughly 63% of decentralized perpetual open interest, represents 9.4% of global derivatives activity, and recorded $19.4 billion in perpetual volume on August 21. HIP-3 open interest surpassed $4 billion in August, while real-world asset markets accounted for more than half of weekly volume in July.
However, technical and supply risks are mounting. The Money Flow Index reached 91.42, well above the overbought threshold, while the upper Bollinger Band sits near $89.23 and a 1.272 Fibonacci extension offers resistance around $92.37. Analyst Crypto Patel identified $79 as key support, with a breakdown potentially exposing HYPE to $69, $62, and $58. A $1.2 billion token unlock scheduled for August 29, followed by another unlock one month later, could increase available supply.
Institutional flows add another layer of uncertainty. Onchain Lens reported that Cumberland transferred roughly 170,000 HYPE to Coinbase and Bybit, with some tokens unstaked just hours earlier. That amount represents about 4% of total institutional HYPE holdings, according to Farside data. Spot Hyperliquid ETFs still recorded their largest weekly inflows at $56.8 million, bringing total ETF assets under management to about $350 million. Yet HYPE’s RSI retreated below overbought territory for the first time in seven days, forming a bearish divergence, while open interest remained elevated and negative funding rates spiked on Saturday. The combination suggests a short-term retracement may be likely even as Hyperliquid’s longer-term platform positioning remains strong.
