Hyperliquid (HYPE) is trading near $90 as the token navigates conflicting supply dynamics. The protocol recently burned $10.15 million worth of HYPE tokens, permanently removing 112.58K tokens from circulation. However, this burn effort faces a significant counterweight: a $340 million token unlock scheduled ahead represents more than 33 times the value of the latest burn.
The burn underscores Hyperliquid's fee generation capacity, which reached $989K over the past 24 hours. Seven-day revenue stood at $9.85 million, while 30-day revenue totaled $52.06 million. To date, approximately 49.25 million HYPE tokens have been permanently removed from supply through ongoing burns.
Technical Setup and Resistance Levels
HYPE is trading above its 20-day simple moving average, maintaining a constructive short-term structure. The token currently faces resistance in the $97 to $100 range, a barrier that has contained recent rallies. If buyers absorb the upcoming token unlock and push HYPE above $100, the token could move toward $110. Failure to clear this level could result in consolidation around $90 or decline to the next technical support near $85.
A technical pattern shows an expanding rising channel with its upper boundary pointing toward the $110 to $116 region. The MACD indicator is approaching a bullish crossover but diverged before this signal, suggesting potential for an extended corrective phase in the near term.
Institutional Development
Greyscale expanded its custody infrastructure for the Hyperliquid staking ETF by adding BitGo Bank & Trust as an additional custodian, complementing Anchorage as the primary custodian. While this represents infrastructure development rather than new ETF approval, it reflects growing institutional infrastructure around HYPE.
