HYPE Price Slides Amid Bitwise Hyperliquid ETF Filing

TLDR:

• Hyperliquid price fell 25.90% in the past week while 24-hour trading volume stood near $1.23B per data
• Aster and Lighter surpassed Hyperliquid in 24-hour trading volume, raising questions about market leadership
• Hyperliquid still holds $13.2B in open interest, more than double the next 10 competitors combined
• Bitwise filed for a Hyperliquid ETF, drawing institutional attention as traders watch price levels for a bounce

Traders are watching Hyperliquid closely. The token’s price has been sliding for days, and a new ETF filing adds to the noise. 

Rivals are catching up in volume while traders remain cautious. Social media chatter shows some see this as a setup for big moves. The market is waiting for clarity on what comes next.

Hyperliquid Price Slides as Rivals Gain Ground

Hyperliquid’s price stood at $42.45 at press time, per market data. This marked a 1.55% drop in the past 24 hours and a 25.90% slide across seven days. The 24-hour trading volume sat near $1.23 billion, according to CoinGecko.

CryptoRank pointed out that both Aster and Lighter have now surpassed Hyperliquid’s 24-hour volume. This shift has drawn attention to whether Hyperliquid is losing its edge.

The platform, however, still shows strong futures activity with $13.2 billion in open interest, more than double the combined total of the next ten competitors.

Market analyst Husky said in a post that trading HYPE is tricky right now. He cited factors like whale offloading, token unlocks, and buybacks that skew the chart. Husky said he would be very selective with entries to avoid getting caught between market-moving players.

Traders now face a mix of falling spot prices and heavy open interest. This combination keeps volatility high and has many waiting for a clear direction before re-entering.

Bitwise ETF Filing Brings Fresh Focus to HYPE

James Seyffart reported that Bitwise filed for a Hyperliquid ETF this week. This marks another step in bringing crypto assets closer to traditional markets. The move puts HYPE under a brighter spotlight as institutions assess its potential for mainstream exposure.

The filing may boost liquidity for the token in the longer term. Yet, near-term traders remain focused on price recovery and how buybacks could support the market. The open interest level signals that leveraged bets are still active despite the recent slide.

The ETF could open a path for new inflows once approved. For now, sentiment remains mixed as traders manage risk through the ongoing volatility. The next price reaction will likely depend on whether buyers step in during the current drawdown.

Hyperliquid’s large open interest suggests that any sharp move could trigger bigger reactions in both directions. 

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