- Hyperliquid’s HYPE token has plummeted by 6% today, April 2, 2026.
- The drop is partly triggered by the on-going US and Iran war and the entire crypto market has been affected because of it.
- Around 9.9 million HYPE tokens will be unlocked on April 6, 2026, which may add selling pressure on the HYPE token.
Hyperliquid’s native token, HYPE, has fallen by 6.4% today, April 2, 2026. With this drop, the price of the token is hovering around the $35 mark and is underperforming a broader crypto-wide pullback that has been driven by macro risk-off sentiment.
The move reflects a higher-beta reaction to institutional demand rather than any project-specific incident, as the token’s price continues to track Bitcoin’s direction closely during these volatile periods.
At press time, the price of the token stands at $35.09 with a drop of 6.25% in the last 24-hour as per CoinMarketCap.
Broader Market-Wide Pullback
The entire crypto market is bleeding red as the market capitalization has slipped by almost 3% today, April 2, 2026 and is hovering around the $2.3 trillion mark as per CoinMarketCap.
The crypto market is suffering because of the on-going war between the US and Iran. Recently de-escalation talks signalled that the tensions between the two countries may reduce or stop. This improved the market sentiment and money moved back into the riskier assets such as crypto.
However, the optimism around de-escalation faded after Donald Trump warned of possible major strikes in the next 2-3 weeks. Iran has vowed to continue retaliation. All of this is increasing uncertainty within the market and is causing investors to pull back from cryptocurrencies.
As the prices dropped, outflows were also observed from US spot ETFs. On April 1, 2026, Bitcoin ETFs saw an outflow of $173.73 million as reported by SoSoValue data. BlackRock’s IBIT saw the largest outflow of $86.5 million, and the second largest outflow was experienced by Fidelity’s FBTC, which was around $78.6 million.
With this situation, HYPE has acted as a higher-beta alternative risk asset, which means its percentage move is larger than Bitcoin’s, amplifying the sector-wide deleveraging and risk-off rotation.
Many analysts note that such correlation tends to peak during ETF-driven drawdowns, when traders rotate out of speculative protocols and back into Bitcoin or fiat-linked safe-haven assets.
Near-Term Technicals and the April 6 Token Unlock
For HYPE, the token is currently trading at an important price level of $34.80. If the price of the token stays above it, then it may move slowly between $35-38 and if it falls below the said level, then the price of the token may further drop down to $32.
On the other hand, about 9.9 million HYPE tokens will be unlocked on April 6, 2026 as per Tokenomist. This unlock could add selling pressure if the recipients choose to distribute tokens into the market, especially if the sentiment around the token remains weak.
Final Thought
The HYPE token is slightly bearish as of now, and the scenario is similar for the entire crypto market. If the price of the token manages to hit the $35 mark, then there are chances that the price could hit the $38 mark. However, if the price falls below $34.80, then the price of the token may fall back to the $32 mark.
Weak sentiment within the crypto market, especially due to Bitcoin’s instability, is keeping buyers cautious. At the same time, the upcoming token unlock is adding pressure, as more supply entering the market can lead to increased selling.
Also Read: Hyperliquid (HYPE) Price Slips to $37 On Profit Taking
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