EL7.AI
CryptoMediumUpdated•Originally published 23 July 2026•Updated 23 July 2026•
1 min read

HYPE Token Sell-Off Deepens as Institutional Withdrawals Hit $291M

Key Facts

1Hyperliquid (HYPE) token declined 15% over the past week to approximately $58, down from a recent peak of $70.
2The token faced a sharp 7% decrease in the last 24 hours following major investors withdrawing $150M in staked tokens.

Amid a wave of broad institutional exits, the Hyperliquid (HYPE) token has faced intensifying selling pressure that breached key support levels. According to reports, the volume of tokens unstaked by major investors has surged to $291 million, more than doubling previous estimates of $150 million, officially driving the token price below the critical $60 threshold.

Updated data indicates that this movement is being led by major institutional players such as Multicoin Capital and Selini Capital, with the massive withdrawals reflecting a push to liquefy positions amid market volatility. Per market data, these outflows coincide with Hyperliquid's open interest hitting a new 2026 peak of $11.5 billion, signaling high speculative activity despite the ongoing price correction.

Following the recent price action, traders are now monitoring the $58 level (as of July 23, 2026 close) as a primary zone of contention, with the $60 mark now flipping from support to resistance. As institutional sell-side pressure persists, the market is looking for stabilization in spot ETF flows to prevent a further slide toward the secondary support zone between $54 and $55.