Hyperliquid Price Downturn: Bearish Market Indicators Weigh on Asset

The cryptocurrency market has been experiencing a downturn, with Hyperliquid being one of the affected assets. On Monday, its price dropped by 5%, extending its losses to the third consecutive week since early February.

One of the key factors contributing to this decline is the bearish market sentiment. The Open Interest (OI) in Hyperliquid futures on Binance has been steadily declining since the end of January and has reached a level of $146.15 million on Monday, nearing the January 21 level of $135 million.

This drop in OI reflects waning investor participation and projects a bearish outlook for Hyperliquid. Additionally, the long-to-short ratio for HYPE stands at 0.76 on Monday, the lowest level in a month, indicating bearish sentiment in the market.