Arthur Hayes re-enters Hyperliquid as technicals warn of a drop below $55

Hyperliquid has rebounded from last week’s sharp selloff after Arthur Hayes appeared to re-enter the market, but bearish technical signals continue to threaten a move below the $55 support zone.

According to data from crypto.news, Hyperliquid (HYPE) traded near $61.7 on June 8 after recovering from lows below $56 reached during last week’s market-wide liquidation event. The token remains roughly 18% below its recent all-time high near $75.48, while traders continue weighing renewed whale accumulation against deteriorating chart structure.

The latest move follows fresh on-chain activity linked to Hayes. Blockchain analytics platform Lookonchain reported that a wallet associated with the BitMEX co-founder withdrew 33,978 HYPE worth approximately $2.09 million from Bybit after the correction.

Despite speculation that the withdrawal belonged to him, Hayes quickly addressed the claims, denying that he had re-entered HYPE.

Hayes’s latest purchase came just four days after he disclosed that liquidating his entire HYPE position worth approximately $18 million at the time, citing rising energy prices linked to the Iran conflict, upcoming artificial intelligence IPOs, and his belief that financial markets could peak before September.

The move attracted criticism from some community members on X because it came just days after the BitMEX co-founder predicted HYPE could reach $150 by year-end and outperform every other top-10 cryptocurrency. Hayes had even placed a $100,000 charity wager on the outcome, drawing comparisons to his earlier high-conviction calls on Solana and other crypto assets.

Besides Hayes’ apparent return to Hyperliquid, whale investors have also shown renewed interest in the token. Lookonchain identified a newly created wallet that withdrew another 82,089 HYPE worth roughly $5.16 million from exchanges over the past two hours. Over the last week, the same address reportedly accumulated 1.14 million HYPE valued at more than $79 million before staking the tokens on Hyperliquid, reducing the immediately available exchange supply.

Whale accumulation returns as market sentiment stabilizes

Fresh buying arrived after one of the sharpest corrections in HYPE’s recent history. Hayes’ liquidation triggered a wave of copy-selling across the market, while prominent traders including Andrew Kang and Andreas Brekken also reduced exposure during the decline.

At the same time, crypto markets faced heavy macro pressure. Bitcoin (BTC) fell to an intraday low of $61,556 on June 4, triggering widespread liquidations across leveraged positions and forcing traders to cut risk. The broader selloff amplified losses in higher-beta assets such as HYPE.

Regulatory pressure added another headwind during the correction. The UK Financial Conduct Authority recently issued a warning regarding Hyperliquid-related activity, adding another layer of uncertainty just as traders were already grappling with valuation concerns and an upcoming token unlock schedule.

Bearish MACD crossover keeps $55 support in focus

The daily chart shows HYPE holding above the 0.618 Fibonacci retracement level near $54.7, which has acted as support during the current rebound. Price has also reclaimed the Supertrend support area near $57.4 and is attempting to challenge resistance around the 0.786 retracement level at approximately $64.

Hyperliquid daily price chart — June 8 | Source: crypto.news

Momentum indicators remain less constructive. The daily MACD has produced a bearish crossover, with the histogram remaining below the zero line after peaking during the late-May rally. The rejection from the $75 area also established a lower high relative to momentum readings, leaving buyers with work to do before a sustained recovery can develop.

According to crypto analyst Team LAMBO, the current structure risks evolving into a head-and-shoulders formation if support fails.

“55 is the level we watch for now, if you are bearish too you can start making a positon here with [stop loss] above 75 and targets of 40-45 in mind.”

For bulls, reclaiming $64 would be the first step toward invalidating the bearish setup. Failure to hold the $55 support zone, however, could expose HYPE to another round of liquidation pressure as traders reassess positioning after one of the token’s most volatile weeks of 2026.