Hyperliquid (HYPE) has trended lower since hitting a record high, shedding 17% amid broader market weakness. Yet, the network behind it tells a steadier story.
Several on-chain and ecosystem metrics indicate that user participation and capital activity have remained resilient despite the recent price decline.
Network activity increased even as HYPE moved lower. On-chain data showed that HyperCore daily active addresses rose 17.4% over the past 24 hours to 68,600.
The number of HYPE holders also expanded during the decline. Over the last seven days, wallet count increased by 1,109 addresses, or 0.45%, while the token fell 12.5%.
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Longer-term growth remained intact as well. Total holders reached 245,260 in June, up roughly 3% over the past month.
Capital trends also paint a different picture from the broader DeFi market. As BeInCrypto reported, DeFi total value locked (TVL) has declined every month in 2026, falling 39% overall.
Hyperliquid has been a notable exception. Alongside TRON, it was one of only two top-10 chains to record TVL growth this year, indicating that capital has continued flowing into the ecosystem despite the wider sector slowdown.
Meanwhile, an on-chain analyst noted that Hyperliquid repurchased $135 million of HYPE over 90 days, while $64 million was unlocked for the team.
The imbalance suggests that buy-side demand generated by the protocol has outpaced the additional supply entering the market from token unlocks, helping absorb potential selling pressure.
Protocol revenue backs the trend. DefiLama data shows revenue climbed for three consecutive months, rising from $44.85 million in April to $53.80 million in June.
It's worth noting that gain is a recovery, not a record. April was the weakest month of 2026, while January revenue was nearly $63.94 million.
Lastly, larger market participants remained active despite the correction. According to Lookonchain, a new wallet, 0x987f, withdrew 278,827 HYPE, worth approximately $17.45 million, from Coinbase Prime.
Meanwhile, whale address 0x2386 pulled 96,930 HYPE valued at roughly $6.01 million from BitGo after a month-long pause in activity.
Institutional interest has also remained positive. While spot Bitcoin and Ethereum ETFs have recorded continuous outflows in recent weeks, HYPE investment products attracted $27.9 million in inflows last week. This marked their strongest weekly inflow since late May, according to SoSoValue data.