HYPE trades near $35 while spot and futures volumes have declined (~36% and ~30%) and open interest eased ~5% ahead of a one‑time cliff unlock of 9.92 million tokens (~$351.5M) for early insiders on Nov. 29. Hyperliquid’s Assistance Fund has repurchased over $600M of HYPE this year with daily buybacks of $2–$5M, but the upcoming unlock materially outweighs that daily support. Technically, HYPE sits in a descending channel since August, testing mid‑channel support at $33–$35; a daily close below could push price toward $28–$30, while a smooth absorption and hold of the lower channel would be required for recovery.

The story reports a one‑time insider unlock of 9.92M HYPE (~$351.5M) on Nov. 29, declining spot (~36%) and futures (~30%) volumes and ~5% lower open interest, and states daily buybacks are $2–$5M versus large unlocked supply; technically price is in a descending channel testing $33–$35 with a projected drop to $28–$30 on a daily close below support — all facts that point to near‑term bearish pressure.