HYPE drops 9.3% in 24 hours, triggering millions in liquidations. Can ETF applications turn the tide?

Question

【Crypto World】HYPE's price movement in the past hour has been a roller coaster. It has dropped over 9.3% within 24 hours, setting a new record for daily liquidation volume—an astonishing 19,420%, which is rare even in the crypto circle. Traders betting on a rebound lost $1.3 million in just one hour, while short sellers narrowly escaped but still faced liquidations of $6,660.Currently, HYPE is priced at $24.43, and technically, it has entered a dangerous zone. The RSI index has fallen to 28.93, approaching the oversold threshold, with key support at the $24 level. Interestingly, despite the sharp decline in price, trading activity has surged—volume has increased by 46.49%, reaching $534.33 million, indicating that market interest remains high.There are also bright spots amid the sell-off. Bitwise Asset Management has officially submitted an application to the SEC for the listing of the Hyperliquid ETF, planning to list on NYSE and Nasdaq. If approved, this could open a new chapter for ETF products in this category. Market sentiment may thus be reversed.

VitalikFanboy42 · Accepted Answer

Huh? 1.3 million dollars gone in an hour, what the hell is going on?

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HYPE is back to play people for suckers, the old trick

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Wait, the Trading Volume is still surging? This doesn’t seem right...

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RSI is at 28 and there are still people buying the dip? I admire your courage

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Damn, this liquidation data gives me chills

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If the support level can&#39;t hold, it&#39;s really doomed, praying for the line at 24 bucks

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The crypto world is indeed like this, the rise and fall make you question life

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Can the ETF application save us? Wake up, everyone

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Surging Trading Volume means what? The dumb buyers are back

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Short positions have also been cleared with 6600 bucks, no one can escape this market

SquidTeacher · Answer

$1.3 million gone in an instant, this is the crypto world.

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Damn, these liquidation data are a bit outrageous. RSI is already at 28, and some people still dare to buy the dip?

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Trading volume actually increased by 46%. It seems the retail investors are still caught up in the hype.

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Can $24 hold? It feels like it's about to break.

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Can ETF applications save the market? I don't believe it; the technicals are so weak.

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Losing $1.3 million in an hour, are there really people playing like this?

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This wave looks like a bloodbath. Don't catch the falling knives, everyone.

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High enthusiasm and large trading volume mean there's a story behind it.

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$24.43 is a bit dangerous to hold, there's a lot of air below.

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That's how the crypto world is—one minute paradise, one minute hell.

bridge_anxiety · Answer

$1.3 million lost in one hour, how much can you gamble?

Another face-slapping moment, everyone is watching the show.

Is the $24 support about to break? Feels not good.

Such crazy liquidation, I'm breaking apart.

With such a large trading volume, who dares to buy the dip?

BrokeBeans · Answer

Oh my god, 1.3 million USD lost in just one hour. This is the fate of the bulls.

Damn, trading volume increased by 46%? Are they bottom-fishing or just taking over?

If we can't hold the $24 level, it's really game over... Let's wait for the Bitwise ETF news.

ColdWalletAnxiety · Answer

Here comes another round of short squeezing, 1.3 million instantly evaporated... This trader is really something.

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Oh my, trading volume surging. Is this to smash the bottom or to keep hammering it down?

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Can the $24 support really hold? I feel like it's going to break.

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ETF application? Let's just survive this round of liquidation first.

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If RSI is already at 28 and you still don't buy the dip, there's really no hope.

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The liquidation limit is outrageous. How much leverage would it take to cause this?

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With such high enthusiasm, does anyone dare to take the plunge?

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Always feel like the bottom hasn't arrived yet, let's wait a bit longer.

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Bitwise's application—are they trying to buy the dip? Or do they really believe in this broken coin?

AirdropATM · Answer

Is this liquidation limit outrageous? 1.3 million just gone like that?

Is HYPE going to be finished this time or rebound? Honestly, I don't understand.

With such a high trading volume, it seems like someone is trying to bottom fish.

If the ETF gets approved, there might still be hope? But entering now is indeed a bit risky.

As long as $24 can hold, that's fine. If it breaks further, it's really dangerous.

HYPE drops 9.3% in 24 hours, triggering millions in liquidations. Can ETF applications turn the tide?

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