Eole has become the first Japanese listed company to hold Hyperliquid (HYPE) after purchasing 1,078.25469311 tokens for ¥10,084,663 on July 28, 2026. The Tokyo-listed firm paid an average of ¥9,352.77 per token and plans further purchases in tranches through the end of August 2026, taking the total commitment to ¥100 million. According to Eole, this acquisition is part of its Neo Crypto Bank plan announced in October 2025, arguing that AI without bank accounts needs settlement rails that run entirely in software. The company stated this marks the first such case by a listed company in Japan, adding HYPE to its existing Bitcoin holdings as a strategic asset. Eole claims it intends to actively use these holdings rather than simply keeping them on its balance sheet, citing the growing global trend where institutional investors are indirectly investing in cryptocurrencies through publicly traded Digital Asset Treasury (DAT) vehicles.
US-listed HYPE funds have recorded their longest stretch without inflows since launch, with investors withdrawing roughly $27 million over the past month. The spot HYPE funds have not recorded any inflows since July 15, posting seven outflow sessions and three flat trading days. This has reduced the funds' combined assets under management from $370.8 million on July 6 to $252.38 million. The broader price trend has remained weak throughout July, with HYPE trading at $53.15 at press time, down 3.18% over the previous day, making it the worst-performing token among the top 20 cryptocurrencies during that period. However, a recent analysis notes that HYPE ETF flows have been increasing on a market capitalization basis, contrasting with ETFs for Bitcoin, Ethereum, and other altcoins.
Large token holders have shifted HYPE to exchanges amid continued selling pressure. Multicoin Capital moved 137,100 HYPE, worth about $7.51 million, to Coinbase Prime this week. Meanwhile, a wallet tied to Selini Capital transferred 495,473 HYPE, valued at approximately $26.8 million, to OKX. Combined, these two transactions involved 632,573 HYPE tokens. The U.S. spot HYPE ETFs have bled $4.5 million in July, marking the first negative month since their debut in May, with the token remaining 29.8% below its June 16 all-time high of over $76.
Despite recent institutional selling pressure and continued outflows, technical analysis suggests HYPE may find support levels if it loses the current trading range. If HYPE loses $55, the next potential floor price could be $48 and $45 (the 200-day moving average). Grayscale's analysis identifies weaker network revenue growth and faster token supply growth as the main risks to their forecast. However, the broader price trend shows signs of stabilization, with HYPE increasing from $38 to $54 since the introduction of its Spot HYPE ETF in May 2026, demonstrating the significant impact of ETF flows on altcoin pricing. The analysis indicates that while HYPE shows strong ETF performance metrics, its valuation remains vulnerable to institutional demand fluctuations and large-scale unstaking activities, with the recent institutional unstaking and fund outflows having pressured the token through July.
