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Hyperliquid’s [$HYPE] recovery attempt failed again, with the altcoin facing rejection at $63. As a result, $HYPE plunged, breaching the $60 support, falling to a low of $58.
At press time, $HYPE was trading around $59.28, after dropping 6.11% on the daily charts. Therefore, the coin hovered below the short-term Moving Averages, reflecting downside pressure.
Multicoin Capital unstakes $HYPE to sell
Notably, $HYPE dropped below $60 after on-chain monitors reported on Multicoin Capital’s token movements.
Onchain Lens reported that Multicoin Capital unstaked 1.96 million $HYPE worth around $120 million spread across three wallets. These tokens had been staked for two months.
After unstaking, the firm appeared to be selling. Lookonchain reported that Multicoin Capital deposited 395,570 $HYPE worth $23.78 million into Coinbase Prime. The deposit hinted at the preparation to sell and take profits. So far, the firm’s position on $HYPE is sitting on $18 million in profit.
Interestingly, Multicoin Capital is not the only investor unstaking to cash out. According to Hyperscreener data, there are over 4.09 million $HYPE worth $241 million pending unstake.
This implies that stakers have requested to unstake, and once completed, these tokens will also enter market circulation.
$HYPE whales show optimism
While Multicoin Capital unstaked its $HYPE, other high-net-worth investors have continued to stake.
According to Onchain Lens, a dormant Hyperliquid whale, inactive since November 2025, returned and resumed staking $HYPE. The whale staked 387.8K $HYPE worth $23.42 million across two wallets.
Previously, the whale had staked 619.12k $HYPE in November 2025. In total, the whale has staked 1.006 million $HYPE worth $61.16 million. Moreover, whales continued to pile in, showing strong confidence and demand for Hyperliquid’s staking.
In fact, AMBCrypto earlier reported that 438.7 million $HYPE was staked, accounting for 43.9% of the total supply. This indicated that most investors still prefer staking, even during downturns.
What do $HYPE’s momentum indicators say?
$HYPE’s Relative Strength Index (RSI) fell deeper into the bearish zone, crashing to 40 as of writing. Such a drop suggested that the market faced increased selling pressure.
Furthermore, the altcoin dropped below its 21- and 9-day Moving Averages, confirming the downtrend’s momentum. Under such market conditions, $HYPE sits at risk of more losses on the price charts.
If the sentiment persists, Hyperliquid will extend its stay below $60, with $52 as critical support. To invalidate the bearishness, bulls must push for a close above $65k.
Final Summary
- Multicoin Capital unstaked 1.96 million $HYPE worth around $120 million and sold 395,570 $HYPE worth $23.78 million.
- Hyperliquid [$HYPE] declined 6%, breaching the $60 support level, and touched a low of $58 amid intense pressure.
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