Hyperliquid surrendered a portion of its recent gains on Thursday, sliding 2% following a sharp rally of more than 5% during the prior trading session. The pullback brought the exchange token back below the $90 threshold at press time. Market participants attributed the hesitation primarily to cooling institutional appetite and sudden capital withdrawals from investment vehicles, even as the asset retained critical underlying moving average supports across intermediate timeframes.
ETF Outflows Reflect Cooling Institutional Appetite
Investment products tracking HYPE experienced a notable shift in demand dynamics between consecutive trading weeks. After absorbing $9.25 million in net inflows during the previous week, HYPE ETFs registered $5 million in net outflows on Wednesday. This rapid reversal highlights easing institutional conviction in the short term, placing immediate ceiling pressure on the recovery attempt that had begun so promisingly the day before.
Technical Indicators and Key Moving Averages on the 4-Hour Chart
The technical structure for HYPE presents a mixed picture on the four-hour chart. The price is currently testing the 50-period Exponential Moving Average (EMA) located at $89.60. Importantly, the token continues to hold above its 100-period and 200-period EMAs, which stand at $88.55 and $84.68 respectively. Preserving territory above these two deeper averages keeps the broader constructive uptrend intact despite the ongoing intraday pullback. Should buyers defend the 50-period EMA and initiate a fresh rebound, price action could target the previous record high of $98.03. A decisive breakout above that level would open the pathway toward the psychological $100 barrier, placing the asset firmly into price-discovery territory. Conversely, failing to maintain support at the 50-period EMA would turn focus toward the 100-period EMA at $88.55 and the 200-period EMA at $84.68 as the next lines of defense.
Divergence Across RSI and MACD Momentum Metrics
Momentum readings offer conflicting signals regarding immediate trajectory. The Relative Strength Index (RSI) on the four-hour chart retreated back toward its midline after a brief recovery, demonstrating that buying acceleration has moderated. In contrast, the Moving Average Convergence Divergence (MACD) indicator continues to reflect positive momentum after crossing above its signal line during the prior session. This divergence underscores that while selling pressure has temporarily checked the rally, underlying trend strength has not completely vanished.
Broader Cryptocurrency Sentiment Across Bitcoin and Ethereum
Trading conditions across the wider digital asset ecosystem displayed comparable restraint. Bitcoin bulls were engaged in defending the immediate $83,000 support level on Wednesday after failing to secure a daily close above the pivotal $85,000 mark earlier in the week. Escalating US Treasury yields and impending macroeconomic data releases reinforced investor caution, leaving Bitcoin consolidating in a narrow range. Live market data recorded Bitcoin trading at $83,890, up 0.32% from its previous close of $83,622. Its 52-week trading span ranges between $57,748 and $91,100, with trading volume running at 1.18 times its 20-day moving average. Technical metrics show its 14-period RSI at 62, while the MACD stands at 2097.35 against a signal line of 2200.67, producing a histogram reading of -103.32. Bitcoin's moving averages show the 20-day EMA at $81,987, the 50-day EMA at $77,792, and the 200-day EMA at $75,162, maintaining an overarching golden cross formation. Ethereum traded in close tandem with Bitcoin throughout the session.
Developments in Ripple and Pi Network Markets
Elsewhere in the cryptocurrency market, Ripple showed signs of renewed momentum above the $1.50 zone on Wednesday, extending a period of stability following the cooldown from the previous week's advance. Meanwhile, Pi Network edged upward above $0.0910 on Wednesday, building upon a modest recovery from the preceding day. Positional buildup in PI futures Open Interest indicated growing derivative participation, potentially establishing the groundwork for a broader rebound if broader market risk tolerance persists.
