Hyperliquid Token HYPE Takes a Hit Amid Bearish Market Trends

The cryptocurrency market has been plagued by a bearish trend over the weekend, with several top cryptocurrencies experiencing losses. Among them is Hyperliquid's native token HYPE, which has fallen by 7% in the last 24 hours.

According to derivatives data from CoinGlass, Hyperliquid's Open Interest (OI) at Binance has been declining since the end of January and is nearing a level seen in mid-January. The OI suggests waning investor participation and a bearish outlook for HYPE.

The long-to-short ratio on Hyperliquid's futures also stands at 0.76, its lowest level in 30 days. This indicates that more traders are betting on the asset's price to fall, further supporting the negative sentiment in the market.