Hyperliquid’s HYPE Token Falls 18% in a Week, Trailing Bitcoin and Ether

The split between recovering platform fees and a sharply weaker token is the real story here: usage metrics and token price are moving in opposite directions, which suggests the selloff is being driven by something other than fading activity — positioning, sentiment, or supply dynamics rather than fundamentals. That divergence matters most for holders of HYPE and for traders who treat Hyperliquid's fee flow as a proxy for the token's value. Whether fees keep recovering while the token lags is the open question, and whether the gap closes from the fee side or the price side is what to watch.