HYPE Falls to $68 as Wintermute Takes 76% of Hyperliquid's Priority Data Auctions

Three Things to Know

• A wallet tied to Wintermute won most of Hyperliquid's top-priority data auctions last month, onchain data shows.
• HYPE bounced on the day but still trades under both its 50-day and 200-day averages, with sellers in control.
• Traders are watching whether a tightly packed floor near $60 holds if the rebound fails.

One market maker has come to dominate the fastest lane on Hyperliquid. A wallet linked to Wintermute has won most of the exchange's speed auctions, and the finding has revived a fairness debate.

The timing is awkward for HYPE. Wall Street players want to build regulated US products on Hyperliquid technology, and regulators may now look harder at paid speed.

One Market Maker Wins Most of Hyperliquid's Speed Auctions

The Wintermute-linked wallet won about 76% of Hyperliquid's highest-priority data auctions in the past month, onchain data from Loris Tools shows. The auctions let trading firms pay for early sight of incoming orders. The edge lasts only a few milliseconds, yet in fast markets that can decide who gets filled first. Wintermute has not confirmed the figure.

Hyperliquid Labs said the auctions are open to all and fully recorded onchain. Wintermute CEO Evgeny Gaevoy said paying for speed is standard in traditional markets. He added that Hyperliquid's version is more transparent than most.

Others are less comfortable. DRW founder Don Wilson questioned the fairness of the setup in an Oct. 31 post on X. He also asked how US regulators will treat it.

That question carries weight. Hyperliquid's open interest passed $18 billion in September. ICE is partnering with Trade.xyz on CFTC-regulated US perpetuals built on Hyperliquid technology, pending CFTC approval. Kraken parent Payward has a similar plan. Neither venue has said whether priority auctions would apply there.

HYPE Trades Under Both Averages After a Month of Losses

HYPE traded near $68 on Friday, up about 6% in 24 hours. The rebound looks healthy on its own. It barely dents the losses that came before it.

The token is still down roughly 12% for the week and near 16% for the month. In plain terms, one green day has recovered only a small share of a month of selling.

A moving average smooths out daily swings by tracking the average closing price over a set period. When price sits below one, that average tends to act as a ceiling.

HYPE now trades just under its 200-day average, which sits near $69.60. That line tracks the long-term trend, and the token slipped beneath it during the recent slide.

The 50-day average is further away, around $79. A shorter average falling toward a longer one is a classic sign that the broader trend has rolled over.

Reclaiming the 200-day line is the first real test for this bounce. A close above it would suggest buyers have more than a short squeeze behind them. A rejection there would leave the wider downtrend intact and keep the auction debate weighing on sentiment.

Sellers Still Set the Pace Despite the Rebound

Momentum readings tell the same story as the averages. RSI, a 0 to 100 gauge of momentum, sits near 35 on the daily chart. That reading is weak, though it stays above the oversold zone below 30. Sellers have not exhausted themselves, and the token has room to slide further.

Other trend gauges lean the same way. The MACD line remains below its signal line, so momentum is still pointing down even after the jump. Trend strength readings also show a real trend in place, and sellers are the ones leading it.

Together, these signals mean the bounce lacks momentum confirmation. For now, rallies look more like pauses inside a decline than the start of a turn.

Why $60 Is the Floor That Matters Most

Support on the daily chart sits around $60, and it comes as a double layer. The first level and the one just beneath it are only pennies apart. Together they form one tightly packed floor.

A tight cluster cuts both ways. Buyers who defended that area before may step in again on a retest. If price closes cleanly below it, though, there is little nearby support to slow the fall.

On the upside, first resistance sits near $74.50, above the long-term average the token is now testing. Turning that level into support would be the first sign that buyers have taken back control.

Beyond it, the next ceiling waits near $82.60. That zone sits just above the 50-day line, where sellers have recently held the upper hand.

Two Paths for HYPE Over the Next Three Days

• Bullish: A daily close back above the 200-day average would put first resistance at $74.45 in play. The case fails if price drops back under its current level, which would show the bounce has stalled.
• Bearish: A rejection under the 200-day line would point price back toward support at $60.03. A close above first resistance would cancel this view.

The Bounce Has Yet to Earn Trust

HYPE remains in a seller-led downtrend until it closes back above its 200-day average.

The bigger risk sits outside the chart. Any regulatory move against the priority auctions could hit sentiment quickly. That danger grows as ICE and Payward seek approval for US perpetuals built on Hyperliquid technology.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.