Hyperliquid’s HYPE token traded near $81.20 on Oct. 13, holding just above the $80 level despite a 5% 24-hour decline and mounting bearish signals. Data from CoinGecko put Hyperliquid’s market capitalization at approximately $18.04 billion and daily trading volume near $918 million, with the 24-hour range spanning $79.52 to $85.73.
The token has underperformed the broader cryptocurrency market, which declined about 3.9% over the same seven-day period. On Oct. 12, Bitcoin dropped below $83,000 as traders weighed dollar strength, rising bond yields, and energy-price concerns. CoinReporter subsequently reported more than $770 million in crypto liquidations, most involving leveraged long positions. For HYPE specifically, CoinStats recorded approximately $11.46 million in liquidations over 24 hours, with long positions accounting for 98.2% of the total.
Supply-related uncertainty also remains in focus. Reports from Oct. 7–8 described Hyperliquid Labs moving 3.75 million HYPE, valued at about $330 million at the time, through an over-the-counter transaction with an undisclosed institutional counterparty. The transfer followed a seven-day unstaking period, with 1.875 million tokens moving to five wallets of 375,000 tokens each. Hyperliquid’s team said the tokens will not be sold through public markets, and subsequent on-chain tracking showed 1.25 million HYPE returned to staking. Hyperliquid Strategies CEO David Schamis said his firm was not the buyer.
Despite the price decline, Hyperliquid’s Assistance Fund has accumulated more than 48 million HYPE through buybacks, spending approximately $1.36 billion. At the reporting price, those tokens were valued near $3.95 billion. The fund’s purchases are supported by trading fees and USDC reserve income, which added nearly $14.58 million. Hyperliquid’s documentation states that HYPE held in the fund is burned, permanently removing tokens from supply.
Platform activity remains elevated: Hyperliquid reported about $7.04 billion in total value locked, roughly $3.3 million in fees, and $2.68 million in revenue over 24 hours. On the technical side, TradingView’s daily chart places Supertrend support at $80.26 and shows bearish MACD momentum, with resistance references around $85, $88–$90, and $94–$98. Traders are watching the upcoming US CPI report on Oct. 14 as a potential volatility catalyst.
