• Hyperliquid price holds above key support as traders watch the $61.92 level.
• Bitcoin’s move around $63,000 could shape HYPE’s next direction.
• Hyperliquid’s total open interest has climbed to nearly $11 billion.

Hyperliquid (HYPE) has entered a crucial phase after retreating from its recent record high, with traders closely watching whether the token can stabilise above key support levels.

The latest pullback comes as broader cryptocurrency markets react to rising geopolitical tensions, leaving Bitcoin’s next move at the centre of attention.

However, while HYPE has lost momentum over the past week, the network continues to post strong trading activity, creating an interesting contrast between short-term price action and underlying platform growth.

Hyperliquid price tests support after weekly decline

HYPE is trading around $65, down 7.0% over the past seven days after reaching an all-time high of $76.87 on June 16.

The correction has pushed the token toward an important support area between $64 and $65, where buyers have started defending prices.

The next few trading sessions could prove decisive.

If the Hyperliquid price manages to reclaim $67 with stronger buying volume, the token could make another attempt at the $70 level.

However, a failure to hold the current support zone would shift attention to $61.92, which has emerged as the next major technical floor.

A break below $61.92 could expose the token to additional downside, with $60 becoming the next area traders are likely to monitor.

Bitcoin remains one of the biggest external factors influencing that outlook.

The broader market has been under pressure following renewed geopolitical uncertainty, and Bitcoin’s ability to remain above $63,000 is viewed as an important signal for risk assets across the cryptocurrency market.

If Bitcoin maintains above $63,000, it could provide enough stability for HYPE to consolidate. A move below it, on the other hand, could trigger another wave of selling across altcoins.

Technical indicators point to mixed short-term momentum

The latest technical indicators suggest that HYPE has not yet established a clear directional trend despite the recent correction.

The Relative Strength Index (RSI) currently stands at 47.99, placing it in neutral territory.

This indicates that the token is neither overbought nor oversold, leaving room for either buyers or sellers to take control depending on broader market conditions.

Exponential moving averages paint a more constructive picture over a longer timeframe.

HYPE continues to trade above its 50-day, 100-day and 200-day exponential moving averages (EMAs), signalling that the broader uptrend remains intact despite the recent decline.

At the same time, the token has dropped below its 10-day and 20-day EMAs, showing that short-term resistance remains in place before momentum can fully recover.

This combination of indicators suggests that while the long-term forecast remains positive, the near-term direction will depend on whether buyers can regain control around current price levels.

Hyperliquid platform activity continues to expand

Although HYPE has pulled back from its recent highs, activity on the Hyperliquid ecosystem continues to grow.

The protocol’s total value locked (TVL) stands at approximately $6.013 billion, reflecting continued capital committed to the platform.

At the same time, 24-hour trading volume remains close to $296 million, highlighting sustained market participation despite recent volatility.

Another notable development is the rapid growth in derivatives activity. Total open interest has climbed to roughly $11 billion, while real-world asset (RWA) perpetual contracts account for approximately $3.6  billion of that figure.

Real-world asset (RWA) open interest on Hyperliquid reached a new ATH of $3.6B

Total OI reached a new high for 2026 of $11B pic.twitter.com/FJyeuUq0ya

— Hyperliquid (@HyperliquidX) July 13, 2026

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The increase shows that traders are expanding beyond crypto-native products into tokenised exposure linked to traditional financial assets.

The growth in RWA trading has become one of the defining trends for Hyperliquid during 2026, helping the platform attract additional trading activity even as digital asset prices experience short-term swings.

Key HYPE price levels to watch

The coming days are likely to be shaped by both technical price levels and broader market sentiment.

The first area to watch remains $64-$65, where buyers have so far attempted to defend support. If that zone holds and HYPE reclaims $67 on stronger volume, attention could quickly shift back toward $70.

On the downside, $61.92 has become the most important technical support. A sustained move below that level would increase the probability of a deeper correction toward $60, particularly if Bitcoin also loses support at $63,000.

For now, the Hyperliquid price finds itself at a pivotal point.

Short-term momentum has weakened following a 7% weekly decline, yet the broader technical structure remains constructive, while platform activity continues to reach new milestones.

Whether the token resumes its broader uptrend or extends its correction is likely to depend on Bitcoin’s next move and how traders respond around these key technical levels.

The crypto market pulled back during Asian and European hours on Monday, with bitcoin BTC$62,886.70 falling to $63,100 from above $64,300 at the weekly close at midnight UTC.

That’s a decline of about 1%. Steeper losses hit the altcoin market. Lighter (LIT) led the downside cascade, sliding 8% in its first major selloff since rallying by more than 200% over the past two months.

The exit from riskier assets was felt across equity markets, too. South Korea’s Kospi index lost 9.2% as SK Hynix, the memory-chip maker that went public in the U.S. on Friday, slumped 15%. Japan’s Nikkei and China’s SSE both fell more than 2%.

The drops reflected reignited tensions in the Middle East as Iran and the U.S. fought over control of the Strait of Hormuz, with both nations firing airstrikes against each other.

U.S. equities are also indicated to open lower, with Nasdaq 100 index futures and S&P 500 futures losing 0.9% and 0.25% since midnight, respectively.

It’s worth noting that going into the weekend bitcoin and the broader crypto market enjoyed a period of bullish price action, steering itself away from immediate danger, and Monday’s selloff could also be attributed to profit-taking.

Derivatives positioning

• Bitcoin derivatives positioning held steady this week. Open interest (OI) was steady at $17 billion, while the three-month annualized basis held at 3.8%.
• Funding rates were little changed to positive across multiple venues, with Bybit the notable exception at roughly -13% annualized on BTC perps. Stable OI alongside a firm basis and constructive funding suggests the market is holding its positioning without meaningful new leverage being added in either direction
• Options positioning has tilted bullish. The 24-hour put/call ratio sits at 64/36 in favor of calls, and while the one-week delta skew remains elevated at 16%, it has narrowed from 26% a week ago, suggesting call demand is easing off rather than building.
• The at-the-money term structure remains in contango, with the front end around 34%-35% and the long end at ~43% out to mid-2027, which implies traders see a calm longer-term volatility environment
• Coinglass data shows $253 million in 24-hour liquidations, with a 76-24 split between longs and shorts. BTC ($70 million) and ETH ($60 million) led in terms of notional liquidations.
• The Binance liquidation heatmap indicates $62,000 as a core liquidation level to monitor, in case of a price drop.

Token talk

• AI tokens FET and NEAR showed strength, rising by around 1.5% apiece despite the rest of the market suffering losses.
• Hyperliquid (HYPE) followed rival LIT down, dropping by around 3.3% to $65.1, its lowest point since July 2.
• CoinMarketCap’s “Altcoin Season” indicator reflects the recent volatility. The measure is reading 56/100 after rising from last week’s average of 50. This implies more risk-on sentiment from investors following months of heavy losses.
• One of the most volatile tokens of late has been ADA$0.1596, which suffered a grueling 39% downturn in June before bouncing by more than 40% at the start of July. It has since retraced that upshift, losing 19% since July 4.
• Solana-based decentralized exchange jupiter (JUP) has also struggled of late, losing more than 15% over the past week as daily trading volume dwindled to just $17 million, down from 2025 when it regularly topped $500 million.

Metaplanet has officially launched Metaplanet Securities, turning its completed acquisition of Siiibo Securities into a regulated digital asset investment banking business built around Bitcoin-backed financial products.

According to Metaplanet, the new subsidiary succeeds the Tokyo-based brokerage acquired for JPY 2.1 billion, completing a transaction first announced in June.

Key takeaways

• Pi Network (PI) fell another 6% on Monday after dropping 7% the previous day, extending its prolonged downtrend.
• Retail participation continues to weaken, with Open Interest falling below $9 million, signaling declining leveraged trading activity.
• Analysts warn that ongoing token unlocks could continue to pressure prices if supply outpaces demand.

Pi Network (PI) remained under heavy selling pressure on Monday, falling around 6% after suffering a 7% decline in the previous trading session.

The continued weakness reflects fading retail participation, declining leveraged positions, and concerns that ongoing token unlocks could keep supply ahead of demand. 

Technical indicators also suggest the correction may not be over, with the token approaching a key support level near $0.075.

Retail demand continues to fade

Recent derivatives data points to weakening interest among traders. According to CoinAnk, Pi Network’s Open Interest (OI) declined to $8.48 million on Monday from $8.91 million a day earlier.

The drop in Open Interest indicates that traders are closing leveraged positions rather than opening new ones, reflecting reduced confidence and lower speculative activity around the token.

Pi Network price analysis: Bears target the $0.075 support

Technically, Pi Network has remained in a persistent downtrend since late April, forming a falling channel pattern on the daily chart.

The latest decline has pushed the token closer to the channel’s lower support trendline around $0.075.

If sellers successfully break below this level, the next significant support is located near $0.0679, which corresponds to the 1.618 Fibonacci extension measured from the previous decline between $0.1998 and $0.1183.

Technical momentum continues to favor the bears. The Relative Strength Index (RSI) has fallen to approximately 10, placing the asset deep in oversold territory and highlighting the intensity of the recent selling pressure.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains below the zero line, with both the MACD and signal lines trending lower while negative histogram bars continue expanding.

Together, these indicators suggest bearish momentum remains firmly in control despite increasingly oversold conditions.

The immediate focus remains on the $0.075 support level. A decisive breakdown below this area could accelerate losses toward $0.0679, reinforcing the prevailing downtrend.

On the upside, if buyers manage to defend support and trigger a rebound, PI could first target the 1.272 Fibonacci extension at $0.0961, followed by the important $0.1000 psychological resistance.

Until stronger buying activity returns, however, Pi Network’s technical outlook continues to favor additional downside as weak retail demand and expanding token supply weigh on market sentiment.

Japanese payments adoption is moving from small pilots toward more practical, merchant-ready stablecoin use. Lawson, one of Japan’s best-known convenience-store chains, will trial yen-denominated stablecoin payments inside a real store checkout flow this August, while Netstars has launched a service that lets merchants accept multiple stablecoins as payment options.

Together, the two developments highlight how Japan’s regulated stablecoin environment is increasingly focused on integration details—how payments happen at the register, how merchants settle in yen, and what wallet or infrastructure customers need.

Key takeaways

• Lawson will run an August trial of yen-denominated stablecoin payments at a Tokyo location, using HashPort’s non-custodial wallet and Lawson’s existing point-of-sale system.
• The Lawson pilot is designed to test whether stablecoins can fit smoothly into standard convenience-store checkout operations without merchants managing crypto wallets.
• Netstars launched “Stablecoin Pay” for merchants, initially supporting USDC, USDT, and JPYC via the Solana and Polygon networks.
• Netstars says its setup helps merchants price and settle in yen while customers pay with dollar-denominated stablecoins, aiming to reduce crypto and exchange-rate handling for merchants.

Lawson and HashPort test stablecoin checkout in a real store

On Monday, blockchain company HashPort said it has signed an agreement with Lawson and telecom group KDDI to conduct a trial at the Lawson Takanawa Gateway City store in Tokyo. According to HashPort’s announcement on PRTimes, participants will use HashPort’s non-custodial wallet, while the store will process payments through HashPort’s point-of-sale integration—without the store needing to open or manage crypto wallets.

The stated goal is practical: determine how stablecoin payments can be integrated into Japan’s everyday retail infrastructure, specifically within the checkout flow of a convenience store. That matters because “accepting crypto” can look very different at the register compared with an online checkout, especially when merchants want predictable operations and minimal changes to store systems.

Before expanding beyond the pilot, the companies plan to evaluate integration requirements, checkout operations, payment processing times, and whether the wallet experience is usable for customers. The emphasis on operational metrics suggests the trial is as much about systems fit as it is about payment settlement.

Netstars rolls out a merchant service for multi-stablecoin payments

In a separate move, Netstars launched a merchant-facing product called Stablecoin Pay. The company’s announcement, also published on PRTimes, opens applications for merchants that want to offer multiple stablecoins as payment options.

Stablecoin Pay initially supports three stablecoins: USDC, USDT, and JPYC (a yen-denominated stablecoin). Netstars says these can be used through the Solana and Polygon networks, with MetaMask as the supported wallet. The company set its merchant payment fee at 0.98% and said it plans to add more wallet and blockchain support over time.

Netstars also described how the service is intended to work from a merchant operations perspective. It says that merchants can use existing payment terminals in most cases and manage product pricing, sales records, and settlement in yen even when customers pay with dollar-denominated stablecoins. In its framing, that reduces the need for merchants to hold crypto or handle exchange-rate complexity.

Netstars’ timeline also matters for context. The company’s commercial launch follows earlier trials it ran using USDC payments—first at Tokyo’s Haneda Airport from January to February, and later at a trading-card store in Himeji starting in April, according to Netstars’ trial references. The new merchant service marks a step from location-based tests toward a broader offer aimed at business operators.

Japan’s stablecoin rules are shaping real-world product design

Both projects land in the context of Japan’s evolving stablecoin regulatory landscape. Japan introduced a dedicated stablecoin framework on June 1, 2023, when amendments to the Payment Services Act and related laws took effect. The framework created regulatory categories for fiat-linked stablecoins and requires intermediaries operating in certain capacities to register with Japan’s Financial Services Agency.

Subsequent regulatory milestones have helped specific stablecoin products become usable in Japan. Coverage noted that USDC received regulatory approval for distribution in March 2025. JPYC later registered as a fund transfer service provider that August—before the stablecoin launched in October, based on prior reporting.

For merchants and payment providers, the practical takeaway is that regulatory compliance increasingly informs product architecture. Netstars’ approach—settling in yen while accepting multiple stablecoins—reflects a design choice that keeps everyday commerce consistent for retailers. HashPort and Lawson’s trial similarly focuses on minimizing merchant operational burden by routing payment processing through an integrated point-of-sale flow and using a non-custodial customer wallet.

What to watch next for stablecoin payments in Japan

As these trials and merchant products progress, the key uncertainties are less about whether stablecoins can be transferred and more about whether the entire user-and-merchant workflow feels seamless. For Lawson’s pilot, readers should watch reported integration and checkout performance metrics—especially usability and processing time. For Netstars’ Stablecoin Pay, monitoring merchant onboarding, additional supported wallets and blockchains, and continued evidence of smooth yen settlement will indicate whether multi-stablecoin payments can scale beyond early pilots.

The term “paradigm shift” is often applied casually to what may simply be rapid rotations between fashionable assets, the latest example being the AI-driven semiconductor boom.

Hyperscalers such as Amazon (AMZ) and Google (GOOG) are spending heavily on data centres containing thousands of AI accelerators. These systems require enormous quantities of high-bandwidth memory for processing and NAND flash for storage, tightening supply and lifting chip prices.

Micron Technology (MU) produces DRAM, NAND and other memory products, while Sandisk (SNDK) specialises in NAND flash and solid-state storage. Micron rose roughly 700% year over year, and Sandisk gained more than 4,000%. Both have subsequently retreated from their peaks, illustrating how quickly enthusiasm can reverse.

The excitement created the largest U.S. IPO of all-time in SpaceX (SPCX), while SK Hynix (00060), a leading supplier of high-bandwidth memory, raised $26.5 billion through the largest-ever U.S. listing by a foreign company. Its ADRs initially surged, but subsequent volatility exposed the risks of buying into peak optimism with SK Hynix down 15% during Asia market hours.