Hyperliquid's HYPE Token Drops 9% Amid ETF Interest and Rising Derivatives Open Interest

The native HYPE token of the Hyperliquid decentralized derivatives platform fell about 9% in its latest session, even as managers pursue a potential exchange‑traded fund (ETF) linked to the asset. Traders noted that the price slipped to roughly $60.40, hovering just below the $64 resistance level identified in a falling‑wedge chart pattern.

Technical indicators show easing selling pressure, with RSI near 45 and a shrinking MACD histogram, but a decisive close above $64 is still required for a breakout. Meanwhile, open interest in Hyperliquid perpetual futures surged to a record $5.7 billion, signalling strong speculative commitment. By contrast, weekly active users have fallen from around 190,000 in early June to about 149,600, reflecting a cooling of on‑chain activity.

The price correction appears driven more by short‑term profit‑taking and market volatility than by any fundamental weakness in the Hyperliquid project, which continues to attract institutional attention for the proposed ETF.