Recently, Dragonfly Capital redeemed 25,989.71 HYPE tokens from major exchanges, approximately $648,600, which is a routine fund transfer rather than a market signal. Currently, spot funds inflow is $538,750, possibly indicating selling pressure. HYPE faced resistance at $28; if support is broken, it may decline to $25 and $22. The open interest in the futures market has decreased, indicating increased risk aversion, with investors maintaining a defensive stance. Selling pressure is not out of control, but HYPE still has room to decline.