Hyperliquid Listed on Upbit and Bithumb. Why Is HYPE Still Down 14% in a Week? - 24/7 Wall St.

Hyperliquid (HYPE) opened for trading in South Korean won on November 10, 2026, on the country’s two largest exchanges, Upbit and Bithumb. The token, which powers a decentralized exchange for perpetual futures, is currently trading at $74, a 3.2% decline in the last 24 hours and a 13.1% drop over the past week.

The listing was intended to increase liquidity and attract new buyers, but the price has fallen 24.5% below its all-time high of $98, set on September 23. HYPE has closed below its daily level since October 25, with a 30-day loss of 14.7% and a single-day drop of 8.5% on November 5.

Whale Sales and Forced Liquidations

The price decline began before the Korean listings, with early investors taking profits. 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 the price.

A leveraged long is a trade made with borrowed funds that profits when prices rise, but if the price falls far enough to wipe out the trader’s collateral, the exchange liquidates the position. These forced sales can trigger further declines, though they tend to stop once the leveraged positions are cleared.

Upbit and Bithumb Launches

Upbit and Bithumb opened HYPE trading in won, allowing Korean retail traders to buy directly with their local currency. Upbit also offers HYPE in Bitcoin and USDT markets on the HyperEVM network, with trading starting at 06:00 UTC.

Upbit’s cautious launch dampened 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.

These rules typically reduce the price spike that often follows new Upbit listings. The listing spike has also been fading, as seen in the token’s performance on Binance, where it fell 4.5% right after that listing.

ETF Outflows and Supply Pressure

The new listings do not help the token’s buyback program, which uses fees from the Hyperliquid exchange to buy HYPE on the open market. Trades on Upbit and Bithumb generate no fees for the fund, which had spent over $1.26 billion as of October 10.

Fresh supply has 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.

The 21Shares Hyperliquid Staking ETF saw $3.5 million leave, while the Bitwise Hyperliquid ETF took in $0.8 million. A coin worth about $17.7 billion needs far more buying than a new listing typically brings.

Market Comparison and Outlook

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, it remains above its 200-day average of $68, so the longer uptrend hasn’t broken.

During the same week, major cryptocurrencies also fell, but by less. Bitcoin declined 4.1% to $74,235, Ethereum fell 8.8% to $2,074, and Solana 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.

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.