Hyperliquid is erasing $1 billion in token supply, but the market is still punishing the wrong metric

CryptoSlateDecember 17, 2025

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Hyperliquid is learning how quickly sentiment can turn in crypto. According to CryptoSlate data, HYPE, the token that powers the decentralized perpetuals exchange, has dropped to seven-month lows in December after a year in which Hyperliquid looked like the default venue for on-chain leverage. During this period, the platform's trading volumes have stalled just as […] The post Hyperliquid is erasing $1 billion in token supply, but the market is still punishing the wrong metric appeared first on CryptoSlate.