Hyperliquid’s native cryptocurrency HYPE has tanked by another 9% slipping to $12.54, as the network faces massive $160 million in outflows following the liquidation of the massive ETH long positions on the platform. The ETH whale liquidation event triggered a $4 million loss in the platform’s HLP Vault, triggering huge seeling pressure in HYPE price.
HYPE Price Drops As Hyperliquid Records $166M AUM Outflow
Following the liquidation of the ETH long positions, HYPE price has come under severe selling pressure in the last 24 hours. The recent 8% drop comes along with a 51% surge in daily trading volumes, shooting past $207 million. This shows that there’s a growing bearish sentiment around the altcoin as of now.
Hyperliquid experienced a significant net outflow of $166 million in assets under management (AUM) on March 12, marking the platform’s second-largest single-day outflow on record. The substantial outflow is believed to have been driven primarily by withdrawals from HLP Vault depositors in response to the losses.
Whale’s $340M ETH Long Position Triggers Liquidation
A high-leverage whale trade involving 175,000 ETH, valued at approximately $340 million, has led to significant market movements. The trader initially secured a floating profit of $8 million and closed 15,000 ETH before transferring 17.09 million USDC in margin back to their address.
However, following the margin withdrawal, the remaining 160,000 ETH long position was liquidated. The large liquidation size forced Hyperliquid HLP to assume the position at $1,915. The platform is now gradually unwinding the position to mitigate market disruption and manage associated risks.
In order to avoid the massive outflows and user panic, Hyperliquid stated that this wasn’t a part of the protocol vulnerability or a hacking incident. Instead, the user withdrew margin while holding unrealized profits, lowering their margin ratio and triggering liquidation. Despite a $4 million loss in the past 24 hours, Hyperliquid’s HLP maintains a total historical profit of approximately $60 million.
Is It Right Time to Buy the HYPE Dips?
Prominent crypto analyst CryptoGod John has expressed bullish sentiments for HYPE price, highlighting the current market conditions as a potential buying opportunity.
John noted that the token has retraced significantly since its earlier listing pump, entering what he describes as a strong support zone.
“Seen some drama on the timeline about it — but think this is a good area to scoop some while most hypetards who were loud at $20+ have now become very quiet,” John remarked.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what experts think about the Ripple price given the growing approval odds for XRP ETF (exchange-traded funds) in the US. These financial instruments offer investors indirect exposure to crypto and progressively draw institutional players to the digital assets space.
Meanwhile, ETF analyst Eric Balchunas has appealed to Paul Atkins for hints about when the US SEC will approve the first spot XRP ETF, among other altcoin-based financial instruments.
He and his colleague, ETF analyst James Seyffart, remain optimistic that approving additional altcoin-related ETFs beyond Ethereum is only a matter of time.
“Would love to hear directly from Atkins, but all good chance of happening,” Balchunas posed.
Specifically, for them, XRP ETF holds an 85% chance of approval, placing it among the frontrunners for regulatory approval in 2025. Balchunas also shared a list outlining the approval probabilities for various spot crypto ETFs.
Bloomberg XRP ETF approval odds in 2025. Source: Balchunas on X
Meanwhile, Seyffart notes that delays in approval should not come as a surprise. He urges crypto market participants to hold out hope beyond October 2025 and year-end in the worst-case scenario.
“…Final deadlines for most of this stuff is in October 2025 or later,” Seyffart stated.
However, Balchunas acknowledges that Paul Atkins’s confirmation as the new SEC chair has set the ball rolling.
“…nothing was going to get approved until Atkins was confirmed…he just got confirmed and they’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals,” Balchunas opined.
Crypto traders and investors would surely welcome more altcoin-based exchange-traded funds beyond the Ethereum ETF. Such financial instruments would give crypto more legitimacy, open the playing field for institutional participation, and, hence, increase liquidity.
A recent US Crypto News publication indicated growing adoption for BTC over gold, ascribing the traction to Bitcoin ETF inflows surging against lagging gold ETPs (exchange-traded products).
Despite the false claims, the approval of ProShares’ XRP futures ETF sparked optimism. Experts now predict that a spot XRP ETF could follow, potentially attracting $100 billion to the payments token.
“A spot XRP ETF could be next, unlocking real demand and sending prices soaring. $100 billion+ could soon flood into XRP,” wrote industry expert Armando Pantoja.
PENGU has seen a sharp uptick in price, rising by 34% in the last 24 hours, reaching a multi-week high and nearing its May highs.
This surge is driven by a major development for Pudgy Penguins, sparking a bullish reaction from both holders and whales. The growing momentum is setting the stage for further growth.
Pudgy Penguins Whales Are Accumulating
Whales are actively accumulating PENGU to capitalize on its recent price rise. In just the last 24 hours, over 200 million PENGU, worth more than $2.4 million, were purchased by investors holding over $1 million worth of tokens. This significant accumulation is likely to help sustain the recent price rally.
With whales betting on further price growth, the buying pressure is expected to continue. As large holders accumulate PENGU, their actions help drive the market sentiment in a bullish direction, attracting smaller investors to follow suit.
This dynamic could play a crucial role in maintaining the meme coin’s upward momentum.
The overall macro momentum for PENGU shows strong bullish signals, with key technical indicators supporting the positive outlook.
The Relative Strength Index (RSI) is currently in the bullish zone, above the neutral mark, indicating a strong upward trend for the token. This is the highest level for the RSI in recent weeks, further confirming the altcoin’s bullish behavior.
The filing of the Canary PENGU ETF with the SEC has been a surprise for the community, adding significant weight to PENGU’s bullish outlook. The first-ever PENGU ETF and it could act as an additional catalyst for price movement.
The PENGU price has risen nearly 30% in the past 24 hours, and the token is currently trading near $0.0134. The token is facing resistance around the $0.014 level.
This area previously acted as support before the sharp sell-off, and now it’s being tested from below, indicating potential resistance.
Suppose PENGU manages to break above the $0.01350 resistance with strong volume. In that case, the next key level to watch is around $0.01370–$0.01375, which is the next visible support-turned-resistance zone from earlier price consolidation.
A successful move through that range could open the path back toward $0.01400, where prior supply clusters exist.
Conversely, failure to sustain $0.01350 could result in a retest of the demand zone.
If sellers regain control and break below $0.01335, PENGU risks dropping further to the next demand area near $0.0129, where the previous bounce began.
This would signal ongoing bearish pressure and lack of bullish commitment.
Several interesting developments happened this week in crypto, cutting across diverse ecosystems. Key highlights, however, centered on Bitcoin (BTC) and XRP ecosystems.
In case you missed it, here is a roundup of the top stories this week in crypto.
Bitcoin Tests $97,000
Starting the list of what happened this week in crypto, Bitcoin tested the $97,000 milestone for the first time since February 2025. However, as of this writing, the pioneer crypto pulled back shortly after and was trading for $96,731.
Another key highlight this week in crypto concerned speculation of a possible collaboration between the Sui blockchain and Pokémon. Amidst these talks, the SUI price soared over 60% within the week.
These rumors sparked after a privacy policy update for Pokémon HOME featured Parasol Technologies, LLC, as a new developer. Parasol Technologies is a Web3 gaming infrastructure company that Sui’s developer, Mysten Labs, acquired in March 2025.
Nevertheless, changes in one of the circulating documents quelled the speculation, clarifying what had been a key driver for the SUI price this week.
“The official Sui Foundation blog confirmed (and removed) Pokémon NFTs. They seem to be developing a cloud infrastructure that uses blockchain technology to address bugs, hacks, and duping while enabling transfers between compatible games—something that is already possible with Pokémon Home,” another user highlighted.
Nevertheless, the correction did not quell speculation that Parasol may be involved in developing new features for Pokémon.
The SUI price has fallen almost 3% in the last 24 hours. As of this writing, it was trading for $3.47.
ProShares XRP ETF Rumors
Adding to the list of speculation this week in crypto, rumors spread that the US SEC (Securities and Exchange Commission) had approved a ProShares XRP ETF (exchange-traded fund).
However, BeInCrypto shut down these claims, articulating that the approval was for ProShares’ Leveraged and Short XRP Futures ETFs. ETF analyst James Seyffart also provided further clarity, deeming the allegations false.
“UPDATE: A lot of people posting/reporting that ProShares will be launching XRP ETFs on April 30th. We have confirmed that this is not the case. We do not have a confirmed launch date yet but we believe they will launch — and likely launch in the short or possibly medium term,” Seyffart explained.
ProShares launched three futures-based ETFs: the Ultra XRP ETF, the Short XRP ETF, and the Ultra Short XRP ETF. This development followed the launch of Teucrium’s 2x Long Daily XRP ETF in early April.
ProShares’ XRP Futures ETF Sparked Optimism
Meanwhile, the approval of ProShares XRP futures ETF sparked optimism, inspiring sentiment that a spot XRP ETF would be next.
According to forecasts by industry expert Armando Pantoja, the move could lead to substantial capital inflow into the altcoin.
“A spot XRP ETF could be next, unlocking real demand and sending prices soaring. $100 billion+ could soon flood into XRP,” he wrote.
Pantoja recognized that the approval marked a significant turning point for the industry, expanding XRP’s investor base.
The approval cleared the runway for the XRP ETF, granting Ripple’s token a regulated and accessible avenue for major financial players to engage.
“Futures ETF = first domino. Spot ETF = the tipping point. XRP’s long-term setup just got way stronger,” Pantoja remarked.
Another analyst was more measured amid heightened optimism, noting that the futures ETF was not the game-changer many might expect.
“It’s not the silver bullet that will trigger mass adoption or massive price action. The real catalyst will come when a Spot XRP ETF gets approved. Real tokens. Real demand. Real market impact,” John Squire posted.
SEC Delays XRP ETF Decision
To add to the list of developments in the XRP ecosystem this week in crypto, the US SEC delayed its decision on a prospective XRP ETF until June 17.
Before this news broke, crypto market participants awaited the final decision of XRP, Dogecoin (DOGE), and Ethereum staking ETFs. However, these were all put off.
“These dates are all intermediate and we will likely see final decisions on a lot of the crypto ETPs in Q4. For the XRP spot ETF, [I am] eyeing mid-October, around the 18th, as a final decision deadline. It’s possible the SEC won’t take all that time to make its decision, but a lot will hinge on how actively they engage on the applications,” Seyffart explained.
For now, over 70 active ETF proposals await the securities regulator’s verdict. XRP ETF’s June deadline is not final, but the commission could still enact further delays until mid-October.
Meanwhile, data from Polymarket shows that bettors see a 34% chance that the financial instrument will be approved by July 31.
