Hyperliquid (HYPE) Slides Amid Lighter DEX Volume Surge

• HYPE dropped to $25.74 amid Lighter DEX's $200B volume surge.
• App-layer platforms like Hyperliquid captured significant 2025 fee revenue.
• Crypto market shifted from speculation to institutional adoption in 2025.
• Stablecoin flows hit $46T as regulatory clarity boosted institutional inflows.

Hyperliquid (HYPE) faced selling pressure as its price declined to $25.74 in the last 24 hours. This drop coincides with rival DEX Lighter capturing substantial trading volume and whale activity. Meanwhile, Hyperliquid maintained relevance during 2025's market transformation where application-layer protocols dominated fee generation as institutional adoption accelerated.

Why Did Hyperliquid (HYPE) Face Recent Selling Pressure?

Hyperliquid's token dipped as Lighter recorded $200 billion in 30-day trading volume. This surpassed both Aster and Hyperliquid during the same period. Whale activity quickly shifted toward Lighter, with nearly $10 million in USDC deposits occurring shortly after its LIT token launch. By contrast, HYPE showed downward momentum while LIT gained nearly 10% in 24 hours.

The competitive pressure comes as new platforms deploy aggressive tokenomics. Half of LIT's supply targets ecosystem development including community airdrops. That redistribution dynamic may temporarily divert attention and capital from established protocols like Hyperliquid. Still, HYPE maintains its position in perpetual futures trading despite the volume shift according to analysis.

How Did Hyperliquid Perform in the 2025 Crypto Market Shift?

Hyperliquid emerged as a key beneficiary during 2025's app-layer dominance shift. Platforms like Hyperliquid captured nearly 90% of all fees earned across crypto networks according to year-end analysis. This transition moved economic power away from base-layer blockchains as institutional players entered through ETF products according to reports.

The crypto market matured significantly with institutional balance sheets driving activity. Total market capitalization reached $4 trillion in Q3 before settling at $3 trillion by year-end. Regulatory clarity in major jurisdictions supported this institutional influx. Real-world asset tokenization grew 260% while stablecoin transfers hit $46 trillion annually. These developments created favorable conditions for established trading platforms despite emerging competition.