Hyperliquid Price Plunges 10% Even As 21Shares Eyes 2x HYPE ETF

The Hyperliquid price plunged 10% in the last 24 hours to trade at $34.11 as of 3:50 a.m. EST on trading volume that surged 33% to $756 million.

The slump came as 21Shares submitted a filing with the US Securities and Exchange Commission for a 2X leveraged HYPE ETF. The product would deliver double the daily returns of the Hyperliquid index.

Bloomberg ETF analyst Eric Balchunas said the filing is so niche that it’s hard to gauge investor appetite, but said it may end up in three to four years with a few billion in assets.

The submission follows a string of product launches by the firm, including the 21Shares DOGE ETF, which recently went live on the DTCC platform.

Hyperliquid Price On A Sustained Bearish Stance

After a sustained move from June 2025, the HYPE price encountered resistance at $59.457. 

This resistance allowed the the asset to form a bearish head and shoulders pattern, with the neckline forming around the 0.786 Fibonacci level at 40.613.

This support around the neckline allowed the bears to take charge of the price, driving it down below the key support at the 1 Fibonacci level at $35.49.

As a result of the continued downtrend, the price of Hyperliquid has fallen back below both the 50-day and 200-day Simple Moving Averages (SMAs) at $47.156 and $36.79, respectively.

Meanwhile, sellers seem to have taken charge of HYPE, with the Relative Strength Index (RSI) falling towards the 30-oversold level, currently at 33.

HYPE Could Fall Towards $29 As Bearish Pressure Continues

According to the HYPE/USD chart analysis, the Hyperliquid price is on a bearish move. If this current trend continues, HYPE could plunge more, with the next support zone around the resistance-turned-support level at $29.5.

Conversely, if the price of HYPE turns positive as a result of the asset being oversold, the bulls could stage a recovery, with the next possible target lying around the 0.618 Fib level ($44.6), having cleared the $40.6 resistance.