Why is HYPE dropping? The flow of funds explains everything. Looking at ETF data, there’s been consistent net outflows over the past month. How can it rise under these circumstances? HYPE has been undergoing adjustments recently. The core issue isn’t the collapse of project logic, but rather that high-valuation assets are experiencing a process of 'unlock pressure + fund repricing.' From ETF fund data, HYPE-related ETFs have seen a combined net outflow of approximately 520,000 tokens recently, with Bitwise showing the most significant outflows. This indicates that institutional funds in the short term are more focused on profit-taking adjustments rather than chasing highs and accumulating. The market has entered a phase of chip redistribution. Looking at the supply structure, HYPE has a total supply of 1 billion tokens, with about 200 million currently in circulation. The real market focus is on the team and core contributors, who hold approximately 238 million tokens, accounting for 23.8%. These will continue to be released in the future. The pressure from recent large-scale unlocks is essentially the market preemptively digesting future supply expectations. On the technical side, HYPE has fallen from above $70 to around $52, entering a previous area of concentrated trading activity. $50 is the current key support level. If it breaks below, it may further test the $45-$48 range. If it can regain stability above $60, it would indicate the market is once again accepting the high valuation. In the long term, HYPE’s biggest advantages remain its real revenue, trading volume, and ecosystem foundation. However, short-term price movements hinge on one core issue: whether the speed of new capital inflows can outpace the rate of unlock releases. Good projects also need good prices. The real opportunities often lie not in chasing the market during periods of frenzy, but in finding value amidst the panic caused by unlock-related sell-offs.