Hyperliquid's HYPE token fell below $59 on August 19 after briefly rising above $60 the previous day and reaching $60.41. It traded near $58.49, down about 1.4% over 24 hours but still up 7.1% over seven days. HYPE had gained 13.99% in August by August 18, making it the strongest performer among the top 10 crypto assets and outperforming Solana's 4.26% rise and Bitcoin's 2.07% gain; XRP was down 5.98%. Trading volume increased around 9% from the previous day as sellers emerged near $60. The rebound followed a 21.94% decline from HYPE's record high into early August, and the token remains below that peak. A joint comment letter from the Hyperliquid Policy Center and trade[XYZ] to the US Securities and Exchange Commission, or SEC, proposed a framework for pre-IPO perpetual futures, derivatives without fixed expiry dates that could support price discovery for private companies before public listings. Hyperliquid's HIP-3 system already supports such products through trade[XYZ] and allows outside developers to deploy perpetual markets after staking 500,000 HYPE. On-chain activity remains mixed. A newly created wallet withdrew around 57,000 HYPE worth $3.36 million from Coinbase, a Maven11-linked wallet withdrew 202,705 HYPE from OKX, and Monetalis-linked wallets bought 171,543 HYPE worth about $9.56 million after selling 3.72 million UNI through Cumberland. Nansen recorded roughly $5.7 million in net HYPE exchange outflows over seven days, although about $3.38 million also entered exchanges. One whale sold 923,743 HYPE worth about $53.02 million, while HyperLabs unlocked 433,025 HYPE worth around $23.46 million and gradually moved tokens toward Flowdesk and OKX, likely for sale. ETF flows improved in early August after three consecutive weeks of outflows through July 31, but no additional HYPE ETF inflows had been recorded after August 10. Nansen data showed whale, smart-trader and public-figure wallets collectively net short on August 18, while funding of around 0.00125% per hour, or approximately 10.95% annualized, meant leveraged longs were paying shorts. Technically, HYPE remained above its 20-day, 100-day and 200-day exponential moving averages at $57.04, $56.79 and $51.30, respectively, and narrowly above the 50-day EMA at $58.30. The daily MACD had crossed above its signal line and turned positive on the histogram, although both lines remained below zero. Four-hour RSI stood at 53.53 after approaching 70, indicating positive but weakening momentum. Holding $58.30-$58.50 could support another test of $60, while a break below that zone would put $57.04, $56.79 and then $53.50-$54 in focus. A daily close above $60.40 could open a move toward resistance around $62.