After changes that were seen in the Hyperliquid ETF, the last 24 hours in the HYPE price have shown a reaction. During today’s Asian trading session, the HYPE price opened at a market value of $41.44 as it followed a dip to $40.40, marking the session low.
A brief recap on what happened to the Hyperliquid ETF reveals that Coinbase has been sidelined, inviting Anchorage as the custodian. The amendment replaces Coinbase while keeping other fund mechanics unchanged. It also keeps BNY Mellon and CoinDesk pricing in place for now. The revised filing assigns custody for the proposed HYPE ETF to Anchorage Digital Bank. Earlier documents had given Coinbase custody and prime brokerage responsibilities. The amendment now removes Coinbase from those combined functions.
As a result, Grayscale has redrawn one operating role. The change appears in updated registration documents. Anchorage is the first federally chartered digital asset bank in the United States. Grayscale already used Anchorage as a backup custodian for bitcoin and ether vehicles. Coinbase still holds the main custody role for those Grayscale products. Therefore, the HYPE ETF filing expands Grayscale’s use of Anchorage. The amendment does not alter the transfer agent. The updated filing still names The Bank of New York Mellon as the transfer agent. It also continues to rely on CoinDesk benchmark pricing data.
Grayscale filed its original HYPE ETF application in March. That submission arrived after similar filings from 21Shares and Bitwise. Those competing applications placed Grayscale in an active approval race. Hyperliquid remains the largest on-chain perpetual futures decentralized trading platform by current market measures. However, U.S. traders still cannot access the platform directly under existing restrictions. The HYPE ETF aims to provide indirect exposure instead. The filing also keeps optional staking features, subject to regulatory approval. Hyperliquid expanded through 2025, and that growth increased interest in related products.
According to CoinMarketCap data at the time of press, the HYPE0.10% trades at $40.80 after posting a 0.49% decline over the past 24 hours. The HYPE price moved within a narrow intraday range and stayed below the session’s higher rebound areas. Early movement pushed HYPE lower, and the decline held until the token found brief stability. A recovery followed, lifting the HYPE price above $41.20 and carrying it through several short upward stretches.
That rebound reached above $41.50 before momentum faded and the price turned lower again. Selling pressure then pulled HYPE under $41.00 and drove it toward the day’s weakest zone. The drop extended to near $40.50, marking the sharpest downside move during the 24-hour period.
A later bounce returned the HYPE price above $41.20, but the recovery failed to hold. HYPE then fell back and closed the period near the lower end of its daily range. This 24-hour dip extended weekly losses, which now stand above 8%. Price action remained uneven, with rebounds giving way to new downward moves.
According to TradingView technical analysis, Hyperliquid price posted a series of strong rallies from late January through mid-April on the daily setup. Each upward leg then gave way to a pullback after bearish reversal candles appeared near local highs. That sequence appeared in early February, mid-March, and again after the latest April surge.
The recent advance pushed the HYPE price into the mid-$40 area before momentum turned lower again. A bearish pin bar formed near the latest peak, and a bull harami followed after the drop. That pattern shows price trying to stabilize after a sharp rejection from higher levels.
Earlier swings show rebounds often faded before the market built a fresh base. Because of that repeating structure, the next move points to another short-term pullback or sideways drift. The nearest downside zone sits around the low-$40 to high-$30 region from recent support reactions. A hold above that area would keep the broader uptrend intact. A break below it would expose a deeper retracement toward the mid-$30 range.
