Hyperliquid Crypto Slumps, Aave Price Tests Support Amid Market Volatility

Hyperliquid crypto has taken an 11% hit this week, dropping to around $55.5 as sellers piled on after the open.

The token now trades below its 20-day moving average at $62.99, though it's still holding above the 50-day line at $50.81, a level traders are watching closely.

Even with over $2 billion in HYPE repurchased through the Assistance Fund since January, the price hasn't found stable ground.

Coinbase being named USDC treasury deployer and the CFTC filing for perpetual futures point to growing institutional interest, but the chart says otherwise.