Hyperliquid Weekly — HYPE at $67.36, BuyHype model holds WAIT at 55%

2026-06-22 · 2026-w26

The BuyHype Bayesian model maintains a WAIT verdict at 55% up-probability, down from 58% a week ago. The single biggest reason for the slight decline is the 3.1% WoW drop in protocol fees to $15.29M, signaling a minor slowdown in network activity despite a 2.6% HYPE price increase to $67.36.

Protocol fees fell to $15.29M from $15.77M, a 3.1% WoW decline, while chain DeFi TVL dipped 0.6% to $1.50B. Stablecoins on Hyperliquid grew 0.9% to $6.42B, indicating continued capital inflows despite the fee and TVL softness. Perps core metrics show 24h volume of $3.52B and open interest of $6.38B, suggesting robust trading activity.

The Assistance Fund now holds 45.35M HYPE, with a net buyback of +0.15M HYPE over the week. However, the unstaking queue shows 3.65M HYPE set to complete within 7 days, creating potential selling pressure that partially offsets the buyback. HIP-3 builder markets saw 8 DEXs with combined 24h volume of $1.52B, led by top builder XYZ at $1.49B; top markets include xyz:CL at $285.99M, xyz:XYZ100 at $201.92M, xyz:SKHX at $185.13M, xyz:BRENTOIL at $112.15M, and xyz:SPCX at $100.14M.

News this week was mixed. Regulatory headwinds were flagged despite HYPE's 194% rally in 2026, and price stalled under $75 resistance. Whale positions fluctuated from $4.369B (long-short ratio 0.99) to $4.441B (ratio 1.01). A trader lost $1.33M on a CL long, while a new wallet opened a $38.76M CL long. HYPE ETF inflows outpaced Bitcoin and Ethereum, and Hyperliquid Strategies Inc. (PURR) was added to the S&P Global BMI Index. A new wallet deposited $6.68M USDC and opened 20x shorts on BTC, SOL, and ETH.

Next week, watch whether the unstaking queue outflow materializes and whether protocol fees rebound above $15.5M. This is data commentary, not financial advice.

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