Hyperliquid price slides 11%: What’s behind the sell-off and what comes next

• The $54 support level is critical for the Hyperliquid price.
• HYPE futures open interest has fallen to $5.86B, triggering a leveraged unwind.
• Crypto Fear and Greed Index hit 15 as Bitcoin ETF outflows drove risk-off selling.

The Hyperliquid price has dropped 11% in 24 hours to $55.35, making it one of the hardest-hit assets in an already rough day for crypto.

While the broader crypto market is down, with Bitcoin falling 3.1% toward the $62,000 zone, HYPE’s losses were nearly four times larger; a pattern that tends to show up when a high-beta asset catches a deleveraging wave at the worst possible time.

The 7-day picture is even sharper. HYPE is down 23.7% over the past week and has now given back more than a quarter of its value from its all-time high of $75.48, set just eight days ago on June 2.

Why is the Hyperliquid price declining?

The clearest explanation for the size of the drop lies in the derivatives market.

Hyperliquid futures open interest has dropped to $5.86 billion, a signal that leveraged long positions were being closed rather than new short bets being placed.

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