Hyperliquid's HYPE slipped below $55 as Multicoin Capital and Selini Capital booked profits and U.S. spot HYPE ETFs logged their first monthly outflows. Grayscale's Head of Research argues the token still looks cheap against fintech equities, projecting $1B in Hyperliquid revenue by the end of 2027.
Grayscale's Head of Research Zach Pandl says the altcoin remains undervalued even as HYPE slipped below $55 under intense institutional selling pressure. He borrows earnings per share from equity analysis and applies an equivalent measure, earnings per token, to Hyperliquid.
That model puts Hyperliquid on $1B in revenue by the end of 2027. Against a projected total HYPE circulation of 270-310 million tokens, that translates to $3.25-$3.75, or a valuation multiple of 15x to 18x.
Grayscale stacks HYPE against Circle, Coinbase and Robinhood
Pandl's table showed stocks tied to Circle, Coinbase, Robinhood and others trading at higher multiples relative to their generated revenue. According to Pandl, HYPE "still looks cheap compared to fintech equities", and trading at 35x or 40x like Coinbase's COIN or Robinhood's HOOD would imply a price target of $113 to $150.
But he noted the projection could be invalidated if revenue falls below their expectations or token supply exceeds their forecast.
Multicoin and Selini book profits on HYPE's 2026 run
HYPE nearly quadrupled in H1 2026, running from $20 to about $80 amid U.S. spot ETF demand and institutional FOMO. It has since given back some of those gains amid an institutional sell-off and FUD.
Crypto VC firms Multicoin Capital and Selini Capital are booking their HYPE profits. Multicoin unstaked over 1M HYPE valued at $59M and deposited $4.78M on Coinbase Prime, then unstaked another $120M last week. Selini deposited $26.8M HYPE on OKX on the 29th of July.
The U.S. spot HYPE ETFs have also bled $4.5M in July, the first negative month since their debut in May. Despite the outflows, their performance was relatively stronger than other spot crypto ETFs.
If HYPE loses $55, the next potential floor price could be $48 and $45, the 200-day moving average.
TradeXYZ to compensate traders after $57.4M liquidation
Separately, TradeXYZ, one of Hyperliquid's dominant HIP-3 deployers, said it will compensate affected SK Hynix traders after a price anomaly liquidated $57.4M in long positions. The firm noted the liquidations stemmed from an oracle price anomaly.
For analysts, the move to compensate victims could reinforce trust in the deployer and Hyperliquid, too.
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