Overview

• HYPE traded around $42.5 on Sep. 25, down about 27% from last week’s all‑time high near $59.4 after six straight days of losses.
• Aster overtook Hyperliquid in 24‑hour perps volume with roughly $21.9 billion versus $9.7 billion, signaling a rapid rotation of liquidity to the new DEX.
• On‑chain trackers show sizable disposals, including Arthur Hayes selling about $5.1 million in HYPE and another early holder unloading roughly 201,900 tokens worth $8.93 million.
• Coinglass data showed about $2.36 million in HYPE liquidations over 24 hours, mostly longs, while positioning remained skewed with roughly 74% of open interest on the long side.
• DeFiLlama data points to about 238 million tokens set to vest linearly over 24 months starting in late November, a potential monthly supply addition near $436 million at recent prices.