After a 79% quarterly gain, some holders simply lock in profit regardless of the next data point.
Markets often price in a strong quarter ahead of time, then sell once the actual report confirms it.
HYPE remains correlated to broader risk sentiment even when its own fundamentals are improving.
Some analysts cite an EMA cluster near $62 as the level HYPE would need to reclaim for its next leg higher; treat this as one view, not a guarantee.
Q3 revenue holding near Q2's pace and ETF flows turning positive again would support continuation over further pullback.
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