HYPE traded near $73 on Friday, down 7% over seven days, while Bitcoin fell more than 9% and Ethereum dropped nearly 14% during the same period. The token peaked above $95 in late October following a partnership involving Trade.xyz and Intercontinental Exchange.
HYPE's notional open interest on Hyperliquid declined from $1.21 billion to $1.07 billion, a roughly 12% drop. Ethereum's open interest on the same platform fell more than 52% over a comparable period. The smaller decline in HYPE open interest suggests traders maintained more exposure to the token despite falling prices.
Bitunix identified an early HYPE whale holding over $40 million in unrealized profits as of November 12. Hyperliquid Strategies reported holding 38.52 million HYPE, approximately 16% of circulating supply, as of September 30.
Bitcoin dropped below $70,000 on Friday, reaching approximately $68,700. Ethereum slipped toward $1,930. US spot Bitcoin ETFs recorded $284.1 million in outflows on November 12, their sixth consecutive negative session. Data shows approximately $2.8 billion in withdrawals since October 30. Ethereum ETFs lost $70.5 million on November 12.
WhaleRadar data showed $641 million in HYPE shorts against $515 million in longs among tracked large traders on November 13. Traders watch $70 as an immediate support level. Below that, the 200-day moving average near $68.60 offers another potential support area. A recovery above $74.40, followed by $76-$77, would improve the short-term outlook.