HYPE cools 27% off $75 peak as whales trim 58% and Bitcoin slides under $60K 🐳

Hyperliquid [HYPE] has shed roughly 27% from its all-time high of $75.51, set on 2 June, trading at $55.7 as profit-taking accelerated and Bitcoin [BTC] extended its own decline from around $74K to below $59K. The pullback has retraced 21.2% on the charts and is now testing the 50%-61.8% Fibonacci zone, a band that corresponds to a $48-$55 price range when measured from the February low of $20 to the June peak. A sustained break below $48 would invalidate the bullish structure and could open the door to $40 and the 200-day moving average near $36.

The selling was not confined to HYPE. Spot Bitcoin ETF flows turned negative last Friday with a daily net outflow of about $3M and registered zero flow on Tuesday, according to Soso Value, a sharp contrast to the strong May inflows that had pushed HYPE to new highs. On-chain data from Nansen showed whales reduced their HYPE exposure by 58% over the past week, while exchange selling pressure climbed 200% over the same period. Smart money activity moved in the opposite direction, rising 8% as some larger players added to positions at the lower levels.

Fundamentals tracked by AMBCrypto pointed in a different direction, with growing total value locked and rising on-chain activity, alongside strong fee generation that the report said signalled continued user conviction. The Coinbase deal, which is set to accelerate HYPE buybacks from the USDC treasury yield, remained a pending catalyst for the token.

On the 1-day chart, the swing structure stayed bullish even as an internal bearish shift developed, with traders watching a possible pullback toward the swing low at $38.17 that could stall at $46.21 or $52.52, the key southward Fibonacci retracement levels. The 4-hour swing structure was bearish and a bounce was underway, potentially climbing to $63 before any resumption of the downward move toward $46; a stop-loss above the $65.78 high was cited as a reference point for short-term sellers. Longer-term investors were said to be waiting on a drop into the $38-$46 area for additional clarity, including on Bitcoin's trajectory around the $60K level.