What happened?
Analysts called HYPE’s current ~$42 level a “golden buy-the-dip” after the token fell about 25% from its $61.65 peak, marking another 20%-ish retracement in a short span. At the same time ASTER DEX overtook Hyperliquid in daily perpetual volume, processing over $13 billion and stealing market attention. Despite the price drop, HYPE’s fundamentals — daily active users, positive inflows, and institutional purchases — still look solid.
Who does this affect?
Short-term traders and momentum players are most exposed because social media fear and rising selling pressure can create fast moves and trading opportunities. Longer-term holders and institutions are also impacted since accumulation continues (e.g., HYLQ Strategy adding tokens) and fundamentals will determine whether they keep buying. Competing platforms, liquidity providers, and derivatives traders matter too, because ASTER’s growth and Trust Wallet integration are redirecting flows in the market.
Why does this matter?
If HYPE holds the $40–42 support and re-consolidates, it could spark a rebound toward $55–60 and restore bullish sentiment, attracting fresh buying. But a break below $40 risks a deeper drop to the $28–30 zone, which would shift liquidity and trader attention toward ASTER and heighten sector volatility. Overall, ASTER’s volume surge and integrations are changing where capital and derivatives activity flow, so this battle will affect prices, volumes, and market positioning across the crypto derivatives space.