Hyperliquid (HYPE) Slips Out Of Top 10 After 6.5% Crash: Why?

Hyperliquid’s native token, HYPE, is enjoying one of its strongest years to date. Having reached several all-time highs throughout 2026, the cryptocurrency even managed to break into the top ten digital assets by market capitalization. Yet, CoinGecko figures indicate that HYPE has experienced a sharp 6.5% downturn over the past week, pushing the token out of the top ten rankings. Here is a look at the factors behind Hyperliquid’s recent decline and whether a recovery might be on the horizon.

Why Is Hyperliquid Down Today?

Despite this recent pullback, HYPE continues to show impressive profits across its 14-day, monthly, and annual performance metrics. Just six days prior, on September 23, 2026, the asset reached a record high of $97.96. This latest downward movement is likely the result of traders locking in profits following that milestone.

An additional catalyst for the drop in HYPE’s price is a broader market downturn. Bitcoin (BTC) has retreated to the $83,000 threshold following a previous surge toward $87,000. Sentiment across the crypto sector has turned more cautious after the Federal Reserve opted to increase interest rates by 25 basis points following the September FOMC (Federal Open Market Committee) gathering.

For much of the year, the broader digital asset market has found it difficult to gain momentum. Conversely, Hyperliquid (HYPE) largely bucked this pattern. This divergence was driven by a dramatic influx of users onto the Hyperliquid exchange. Traders rushed to the platform to trade oil futures following the outbreak of the US-Iran conflict, generating a substantial increase in platform fees. Hyperliquid channels these fees into repurchasing HYPE coins, and these heightened buybacks ultimately fueled a significant price rally.

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An earlier price surge for HYPE was sparked by remarks from President Trump during a White House cryptocurrency event, where he suggested the exchange could launch in the United States in the near future. A successful US rollout could potentially propel HYPE past the $100 milestone.