$HYPE Faces Fresh Selling Pressure Amid Broader Market Weakness

Hyperliquid ($HYPE) is experiencing fresh selling pressure after a 2% decline on Monday, weighed down by broader weakness in the cryptocurrency market.

The token's price has been struggling to attract fresh buying interest as investors reduce exposure to higher-risk assets amid geopolitical tensions involving the United States and Iran over the Strait of Hormuz.

Derivatives data from CoinGlass indicates weakening sentiment among leveraged traders, with a 1% decline in futures Open Interest (OI) to approximately $2.7 billion over the past 24 hours.

The drop in OI alongside falling prices suggests that traders are closing positions rather than opening new bullish bets, further supporting the current selling pressure.