TLDR:
- HYPE price reclaimed $57 after Bitwise bought 28,085.8 tokens worth $1.52 million and transferred them into its BHYP custody wallet.
- Exchange netflows reached negative $1.46 million, indicating withdrawals exceeded deposits and reduced immediately tradable supply across tracked venues.
- Short liquidations reached $59,250 versus $6,910 for longs, but the modest total did not confirm a broader, market-wide squeeze.
- Hyperliquid is exploring regulated U.S. access through licensed firms, though neither the CFTC nor SEC has approved its proposed structure.
HYPE price reclaimed $57 on August 13 as institutional buying, exchange outflows, and short liquidations converged. HYPE traded near $57.33, gaining 4.09% over 24 hours and reaching its highest level since late July. Onchain Lens tracked Bitwise buying 28,085.8 HYPE from liquidity provider Nonco for about $1.52 million.
The asset manager then transferred those tokens to its BHYP wallet, limiting immediate exchange-side supply. The move arrived as Hyperliquid explored a regulated route into United States perpetual futures markets.
However, no regulator has approved that proposal. Traders now face resistance between $57 and $58.38, with momentum improving but direction still unconfirmed.
HYPE Price Gains as Bitwise Moves Tokens Off Exchanges
The Bitwise HYPE purchase added a visible institutional bid during a wider correction from July highs. Bitwise operates BHYP, a spot Hyperliquid fund trading on the New York Stock Exchange. Moving purchased tokens into the fund wallet indicates custody rather than an immediate resale through exchanges.
Exchange outflows added another supportive signal. CoinGlass figures placed net exchange flows near negative $1.46 million during the measured period. Negative netflows mean withdrawals exceeded deposits, reducing tokens readily available on tracked venues. That can tighten sell-side liquidity, although withdrawals alone cannot guarantee higher prices.
Derivatives traders also felt the rebound. Short liquidations reached about $59,250, compared with only $6,910 in long liquidations. Shorts therefore absorbed more than eight times the losses recorded by bullish positions. The imbalance can create added buying when exchanges close, losing short positions.
However, total liquidations stayed modest against earlier market spikes. That limits evidence for a broad short squeeze. HYPE price strength still needs spot demand and higher trading volume.
HYPE price analysis identified the $57.50 area as an important recovery barrier. HYPE price faces nearby resistance at $57.21 and the 50-day exponential moving average near $58.38. A daily close above both would expose $60, followed by the wider $60 to $62 structure.
RSI improved to 55 and crossed above its moving average at 40.96. That recovery suggests selling momentum eased after HYPE defended $53.79. Still, readings below 50 leave buyers without clear directional control.
HYPE price therefore needs confirmation above resistance, not merely another intraday move through $57. Volume must expand to validate a stronger breakout toward $60. A close below $53.79 would weaken the rebound and refocus deeper support.
US Perpetual Futures Plan Puts $58 Resistance in Focus
Hyperliquid is discussing routes that could let regulated American companies offer perpetual futures using its public blockchain. Hyperliquid contacted the CFTC and SEC over guidance, no-action relief, or another compliant structure. Hyperliquid still blocks United States users from its current decentralized platform.
The plan does not represent approval or a scheduled American launch. It instead tests whether licensed firms could connect to Hyperliquid infrastructure under existing rules. As reported, the domestic precedent was created by Kalshi’s CFTC-regulated contracts.
HIP-3 provides a second demand channel. The framework lets outside builders deploy perpetual markets after staking 500,000 HYPE on mainnet. Those markets can track stocks, commodities, and other non-crypto assets. More deployments could lock additional tokens, although builders may later unstake them.
Protocol buybacks provide recurring demand as well. Hyperliquid directs substantial fee revenue into HYPE purchases through its Assistance Fund. More than $1.16 billion in cumulative repurchases were made by May.
The HYPE price setup still depends on resistance. Earlier four-hour readings placed the upper Bollinger Band near $56.96 and ADX at 17.82. An ADX reading below 20 indicates weak trend strength.
If the HYPE price holds above $56.17 and $56.64, buyers could retest $58.38. Losing that cluster would reopen $55.29, $53.61, and $52, while the 200-day average sits near $50.88.
