Hype Tests Crucial Support Amid Weakening ETF Demand

Hype (HYPE) is currently testing its support levels as it trades near $58.7 after falling from above $70 earlier in July.

The cryptocurrency's price is close to the 0.5 Fibonacci retracement and the rising 100-day simple moving average near $56.65, creating a clear area for the market to defend.

However, the surrounding data is mixed, with spot exchange-traded funds (ETFs) recording approximately $14.7 million in net outflows across the latest 11 trading sessions, indicating weak external demand.

A large holder has staked 2.93 million HYPE worth about $172 million, which may indicate that at least one major holder remains willing to lock up a substantial position.