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Hyperliquid’s HYPE token weakened even after the first HYPE-linked ETF delivered a strong debut, creating a split between institutional visibility and spot-market conviction. The 21Shares Hyperliquid ETF, trading as THYP, recorded nearly $1.8 million in first-day volume. However, HYPE failed to hold above the crucial $42 resistance area and drifted back toward the $39 to $40 support band, suggesting that attention arrived faster than durable buying pressure.
The launch marked a visibility milestone for Hyperliquid, with THYP positioned as the first ETF form for the project. The product is described as physically backed by HYPE, with staking enabled, a 0.30% management fee, and pricing backed by FTSE Russell. The promotional framing also referenced Hyperliquid’s scale, including more than $900 million in profit and a $35 billion valuation. ETF analyst James Seyffart characterized the debut as “very solid” and above the average range for ETF launches.
Despite the traditional-market validation, near-term chart risk remains the immediate focus for HYPE holders. The latest rejection from the upper supply region increased selling pressure, while the market showed limited aggressive bullish absorption near demand areas. Recovery candles lacked convincing volume, and the RSI broke below its ascending trendline after several weeks of bullish structure.
The $40 area has become a key reference point for the next phase. Immediate support sits near $38.80, with a deeper support zone around $35 to $36 if weakness accelerates. On the upside, HYPE needs to reclaim $42 to restore credibility for a move back toward $46 to $47.50.
The ETF debut strengthened the narrative around Hyperliquid, but the token’s price action indicates that momentum is fading. The shift in technical signals suggests sellers are gradually regaining control unless buyers return quickly around the lower support zones. For traders, another failure near $42 could turn the celebrated launch into a broader correction test in the next sessions, particularly for leveraged traders and spot buyers.
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