21Shares Hyperliquid ETP Tumbles as Hype Token Drops 5.9%

The 21Shares Hyperliquid Staking ETP (SWX: HYPE) saw a significant decline in value, closing at CHF 21.90 on the SIX Swiss Exchange.

This drop came as the HYPE token fell by around 5.9% against the U.S. dollar over the past 24 hours.

The ETP closely tracks the price of the HYPE token, so when the token loses value, the ETP usually follows suit.

Analysts believe the recent decline is mainly due to profit-taking, as many traders chose to lock in their gains after several months of strong growth and increasing adoption of the Hyperliquid platform.

The broader market also played a role, with investors reducing their exposure to higher-risk assets such as cryptocurrencies during periods of economic uncertainty.