HYPE, the native token of decentralized perpetuals exchange Hyperliquid, has shed more than 15% of its value over the past week, according to CoinMarketCap data. The token traded close to $70 on Nov. 10, extending its retreat from the all-time high of $97.97 recorded on Sept. 23, 2026, and surrendering the gains it had accumulated during its late-October recovery. The drop marks roughly two weeks of consecutive weakness for the asset.

The latest leg down came amid a broad crypto market decline triggered by U.S. inflation data that came in hotter than expected. The consumer price index (CPI) was 0.4% higher than expected, raising fears that the Federal Reserve will increase interest rates — a macro variable crypto traders watch closely, as rate expectations shape sentiment across risk assets. Bitcoin slipped below $74,000, and the entire crypto market fell by more than 1% on the day. Even so, HYPE was among the assets that saw the biggest drop, falling from above $75 to $70 before recovering some ground.

What Is Driving the HYPE Decline?

HYPE's recent performance represents a turnaround from the high-flying growth it delivered less than two months ago. The token reached its all-time high of $97.97 on September 23, 2026. While it has not touched that level since, it came close again on October 29, peaking above $96, after reports emerged that Intercontinental Exchange (ICE) is bringing perps from Hyperliquid to the U.S., as reported by The Market Periodical.

Since that late-October peak, the token has been in decline even without any negative development surrounding the project itself. Notably, HYPE was recently listed on two of South Korea's largest crypto exchanges, Bithumb and Upbit. Both platforms listed spot trading pairs for the token on November 10, opening up access for investors in the country. Each exchange included a Korean won (KRW) pair, allowing traders to buy HYPE using the local currency — a notable addition in one of the world's most active retail crypto markets. The pattern also illustrates how token-specific positives, such as new exchange listings, have not insulated HYPE from the macro-driven selloff.

With no specific, token-focused signal explaining the weakness, the decline appears to be due mostly to macro pressures. The same inflation data and Binance hack that pushed down the rest of the crypto market are also affecting HYPE.

HYPE Remains a Top 2026 Performer as U.S. Entry Stays on Track

Despite its weak showing over the past two weeks, HYPE is still one of the best-performing assets of 2026. The token remains up 200% year-to-date, making it the biggest gainer among the top crypto assets, and there are no signs that this is set to change. Hyperliquid also continues to rank among the largest crypto trading venues: according to DeFiLlama, the decentralized exchange leads perps trading volume with $11.9 billion over the last 24 hours, far above any other perps DEX.

The token's path into the U.S. market also remains intact. Hyperliquid perps are expected to become available on regulated U.S. venues by 2027. ICE, the parent company of the New York Stock Exchange, is already working toward that goal, but it is not the only one. Hyperliquid Strategies, an HYPE treasury company — a firm that holds the token as a core reserve asset — has also filed with the Commodity Futures Trading Commission (CFTC) to become a futures commission merchant, a CFTC-registered intermediary authorized to accept and execute futures orders. Approval would allow the firm to launch permissioned markets for U.S. traders through Hyperliquid's HIP-3 framework. For readers following the U.S. expansion, the next concrete markers would be any CFTC decision on that filing and visible progress from ICE toward its 2027 target for regulated U.S. availability.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are volatile, and regulatory proposals may not receive approval. Readers should independently assess investment risks.