The Crypto Desk desk. Editor: Sam Daodu.
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South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, began trading Hyperliquid (CRYPTO:HYPE) in won on November 10, 2026. However, HYPE continues to decline and trades at $74, down 3.2% in the last 24 hours and 13.1% over the past week, leaving it 24.5% below its all-time high of $98 from September 23.
Hyperliquid is a decentralized exchange for perpetual futures, contracts that track a coin’s price with no expiration date, and HYPE is the exchange’s token. HYPE has traded below every daily close since October 25. Its 30-day loss has reached 14.7%, with the sharpest single-day drop on November 5, when it fell 8.5%. So what’s holding back the Hyperliquid price despite two major listings?
HYPE Gave Back Its Entire ICE Rally Before Korean Trading Started
HYPE closed at $89 on October 29, the day Intercontinental Exchange (NYSE:ICE | ICE Price Prediction) revealed plans for Hyperliquid-based perpetual futures in the U.S. However, the plan still needs approval from the Commodity Futures Trading Commission, and HYPE has since given back the whole run-up from its $76 close on October 25.
Early investors took profits quickly. Two large holders, known as whales, sold $109 million of HYPE on October 31, and by November 2, $612 million in leveraged long positions were stacked below HYPE’s price.
A leveraged long is a trade made with borrowed funds that profits when prices rise. If the price falls far enough to wipe out the trader’s collateral, the exchange liquidates the position, and those forced sales can trigger further declines. This forced selling may partly explain HYPE’s slide, but it tends to stop once the leveraged positions are cleared, so it can’t sustain the downtrend indefinitely.
Fresh supply also weighed on the price. Binance resumed HYPE withdrawals on November 8, ending a freeze that followed an October hack, so holders can now move coins to sell elsewhere. Meanwhile, U.S. Hyperliquid ETFs recorded net outflows of $2.7 million on November 9, as the 21Shares Hyperliquid Staking ETF (NASDAQ:THYP) saw $3.5 million leave and the Bitwise Hyperliquid ETF (NYSEARCA:BHYP) took in $0.8 million.
Upbit and Bithumb Opened Won Trading, but Korean Listings Rarely Boost Big Coins
The new listings let more traders buy HYPE easily. Upbit now offers HYPE in its won, Bitcoin (CRYPTO:BTC), and USDT markets on the HyperEVM network, with trading starting at 06:00 UTC. Bithumb has also added HYPE to its won market, so Korean retail traders can buy directly with won instead of sending money to foreign exchanges.
However, Upbit’s cautious launch may have dampened the initial excitement. The exchange blocked buy orders for about five minutes after launch and blocked sell orders more than 10% below the previous close for the same window. For the first two hours, it allowed only limit orders, which fill only at a set price or better. Those rules typically reduce the price spike that often follows new Upbit listings.
The listing spike has also been fading. Four Pillars, a crypto research firm, titled a study of Upbit listings “The Dying Upbit Listing Pump.” Tiger Research analyst Jay Jo has said Korean traders often mistake these listing spikes for good news, then lose money when prices fall.
HYPE also faced limited pent-up demand, since it already traded on Binance, where it fell 4.5% right after that listing as whales sold into new buyers. A coin worth about $17.7 billion needs far more buying than a new listing typically brings.
Korean Trading Doesn’t Feed Hyperliquid’s Buyback
These new listings don’t help the buyback either. A buyback is when a project uses its revenue to buy its own tokens on the open market, and Hyperliquid’s Assistance Fund buys HYPE daily with fees from Hyperliquid’s exchange. Trades on Upbit and Bithumb generate no fees for the fund.
The fund had spent over $1.26 billion as of October 10, and Hyperliquid’s futures market generated $2.8 million in fees on November 7. However, that steady buying hasn’t outpaced the selling pressure.
HYPE Fell Harder Than Bitcoin, Ethereum and Solana
HYPE trades below its 20-day simple moving average of $81 and its 50-day average of $85, which often means sellers control the recent trend. However, HYPE remains above its 200-day average of $68, so the longer uptrend hasn’t broken.
During the same week, the major cryptocurrencies also fell, but by less. Bitcoin declined 4.1% to $74,235, Ethereum (CRYPTO:ETH) fell 8.8% to $2,074, and Solana (CRYPTO:SOL) dropped 9.2% to $84. HYPE’s 13.1% weekly drop was the largest of the group.
HYPE’s decline is steeper largely because it skyrocketed earlier. It’s up 190.6% year to date while Bitcoin is down 15.2%, so HYPE holders have far bigger profits to lock in. With reopened Binance withdrawals, ETF outflows, and the wait for ICE’s plan approval, HYPE faces pressure the majors don’t.
Why Is HYPE Still Falling, and Can the Buyback Hold $68?
HYPE is still down because the Korean listings arrived after its ICE rally had already faded. Whale sales, forced liquidations, Binance supply, and ETF outflows have outweighed new demand. The buyback could slow the decline, but it looks unlikely to start a new rally on its own. Any rebound depends on CFTC approval of ICE’s Hyperliquid futures and Korean buyers showing up in size once Upbit lifts its opening limits.
The next test is whether HYPE’s 13.1% weekly drop can be halted. A close above the 20-day average of $81 would suggest the buyback and Korean demand are absorbing Binance selling. However, a daily close below the 200-day average of $68 would break the longer uptrend and suggest holders used the new listings as an exit.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
