Hyperliquid’s HYPE token has been experiencing a downward trend for the fourth consecutive day, while newly launched decentralized exchange tokens have seen significant growth over the weekend.
There has been a noticeable shift in focus in recent days, according to Illia Otychenko, lead analyst at CEX.IO. Decentralized exchange tokens like Aster and Avantis, as well as STBL, saw impressive increases of up to 124%, 125%, and 147% respectively over the weekend based on TradingView data.
In contrast, Hyperliquid has dropped by more than 13% from its peak over the weekend and continued to decline by 7.4% today. At one point, it fell to $47.83 according to CoinGecko.
The prediction market Myriad, created by Decrypt’s parent company DASTAN, showed a bearish sentiment towards HYPE over the weekend. Predictors initially believed there was a 62% chance that HYPE would reach $69 next but by Monday morning this had flipped with users now predicting a 58% chance of HYPE dropping to $39.
Why is HYPE dropping?
The decrease in Hyperliquid’s price is attributed to investors taking profits as explained by Peter Chung, head of research at Presto Research via Decrypt.
Otychenko supported Chung’s view stating that there is some “capital rotation” happening as large holders sell off their Hyperliquid tokens.
One notable seller was Arthur Hayes, founder of BitMEX exchange who sold off 96,600 HYPE on Sunday valued at around $5.1 million.
In addition to this sell-off pressure from whales like Hayes’, approximately 237.8 million HYPE are scheduled for unlocking starting November 29th highlighted in a tweet from Hayes’ family fund Maelstorm on Monday. At the current price of $49 per CoinGecko data indicates an unlock value close to $11 billion.
https://t.co/1BaqtQnxk6
— Maelstrom (@MaelstromFund) September 22nd ,2025
The repurchases made by Hyperliquid and buying activities from Digital Asset Treasury companies are considered insignificant compared against upcoming unlocks for Hype according an article published by Maelstorm which points out potential supply excesses amounting up-to$410 million monthly .
Otychenko raised concerns about heightened competition posed new decentralized exchanges stating that whether these surging tokens can maintain market attention once initial hype subsides remains uncertain .He added “ Risks are currently high” particularly noting Aster where more than90 %of supply lies within few wallets making it susceptible sharp fluctuations or manipulation.”
Aster ,a Binance Smart Chain-based DEX recently received endorsement CZ,Binance co-founder who tweeted “Good start Keep building” project last Wednesday .