by Coinstrooper Crypto Articles
Quick Take
  • Hyperliquid’s HYPE token has lost roughly a quarter of its value since its peak.
  • Yet amid the latest crypto market crash, it is holding up better than Bitcoin and Ethereum.
  • Its derivatives market offers one possible explanation.
  • HYPE traded near $73 on Friday, down approximately 7% over seven days.

What Happened

The token’s recent decline followed a rally above $95 in late October, driven partly by excitement over a partnership involving Trade.xyz and Intercontinental Exchange, the New York Stock Exchange’s parent company.

Market Context

Hyperliquid’s HYPE token has lost roughly a quarter of its value since its peak. Yet amid the latest crypto market crash, it is holding up better than Bitcoin and Ethereum. Its derivatives market offers one possible explanation.

According to Bitunix’s latest research, HYPE’s notional open interest on Hyperliquid declined from $1.21 billion to $1.07 billion, approximately 12%.

Ethereum’s open interest on the same platform fell more than 52% over a comparable period.

Open interest measures the value of outstanding futures positions. A smaller decline suggests traders have maintained more exposure to HYPE despite falling prices, although price changes also affect the dollar value of positions.

Why the Broader Crypto Market Keeps Falling

Persistent US inflation has strengthened expectations of further Federal Reserve tightening. Falling prices have also triggered leveraged liquidations, accelerating the downturn.

What Comes Next for HYPE Price?

HYPE’s relative strength is encouraging, but sustained price recovery will depend on fresh buying demand and whether existing support levels survive the broader market downturn.

Why It Matters

There are still risks.

A deeper decline could threaten leveraged long positions clustered around $65.50.

A recovery above $74.40, followed by 76–77, would improve the short-term outlook.

Details

HYPE traded near $73 on Friday, down approximately 7% over seven days. Bitcoin lost more than 9% during the same period, while Ethereum dropped nearly 14%.

Why HYPE Is Holding Up Better Than Bitcoin and Ethereum

Bitunix also identified an early HYPE whale holding over $40 million in unrealized profits as of November 12.

Meanwhile, Hyperliquid Strategies reported holding 38.52 million HYPE, approximately 16% of circulating supply, as of September 30.

Bitcoin dropped below $70,000 on Friday, reaching approximately $68,700. Ethereum slipped toward $1,930.

Institutional withdrawals remain a concern. US spot Bitcoin ETFs recorded another $284.1 million in outflows on November 12, their sixth consecutive negative session.

Data shows approximately $2.8 billion in withdrawals since October 30.

Ethereum ETFs also lost $70.5 million on November 12.

WhaleRadar data showed $641 million in HYPE shorts against $515 million in longs among tracked large traders on November 13.

For traders:

$70 remains the immediate level to watch.

Below that, the 200-day moving average near $68.60 offers another potential support area.