Cryptocurrency Market Fluctuations on June 4: Hyperliquid Surges While Ethereum Declines

The cryptocurrency market has been experiencing a mix of trends on June 4, with some currencies showing significant gains while others continue to decline.

Hyperliquid (HYPE) has seen its price rise to near its all-time high of $75.76, despite Bitcoin's retraction below $65,000. The influx of roughly $135 million into newly launched HYPE-focused ETFs last month has contributed to this surge in demand and the resulting rally.

Ethereum (ETH), on the other hand, fell below $1,800 for the first time since May 2025 due to increased spot selling pressure from long-term holders. The movement of previously idle tokens or coins held by these investors has accelerated as prices declined, indicating a possible shift in market sentiment.