Schlagwort: crypto market

• The POPCAT manipulation caused the Hyperliquid HLP to absorb $5M in losses.
• Hyperliquid’s token price currently trades below key EMAs amid bearish momentum.
• HYPE’s retail demand has dropped, and futures Open Interest has fallen to $1.56B.

Hyperliquid price has come under intense pressure following a sophisticated POPCAT attack that left the decentralised derivatives platform reeling from multi-million-dollar losses.

The POPCAT hack, which targeted Hyperliquid’s liquidity provider system, exposed vulnerabilities in Hyperliquid’s risk management while raising concerns about retail demand and overall market sentiment for HYPE tokens.

POPCAT attack led to a $5M HLP loss

The POPCAT attack unfolded on November 12, when a trader executed a series of manipulative trades across the POPCAT token market, using multiple wallets to create an artificial buy wall.

According to on-chain analysts, the trader deployed roughly $3 million in USDC from the OKX exchange, distributing it across 19 separate addresses.

These wallets then opened nearly $30 million in leveraged long positions, inflating the price of POPCAT to over $0.21.

Once the buy wall was removed, the POPCAT price plunged sharply, causing mass liquidations.

Hyperliquid’s market-making system, Hyperliquid Provider (HLP), was forced to absorb the resulting positions due to thin liquidity in the market.

In total, HLP incurred losses of approximately $4.9–$5 million.

The remaining long positions were passed to the Hyperliquidity Provider (HLP) to liquidate.

HLP appears to have lost $4.95M closing out the positions. pic.twitter.com/Qfq9jcy4Mz

— Arkham (@arkham) November 12, 2025

During the crash, the price of POPCAT fell from $0.21 to $0.13, leaving Hyperliquid to manually close positions to prevent further financial damage.

The attack highlighted how coordinated movements of large capital through multiple wallets can destabilise decentralised platforms.

Looking at how the attack unfolded, there are connections to prior manipulative behaviour observed on tokens such as TST, ZEREBRO, JELLYJELLY, and HIFI, although Hyperliquid emphasised that deposits and withdrawals were ultimately restored and normal trading resumed.

Implications for Hyperliquid and DeFi markets

Notably, the POPCAT attack underscores ongoing risks for decentralised exchanges that handle leveraged tokens.

While HLP successfully absorbed the losses and protected liquidity providers, the event demonstrates how thin liquidity and concentrated positions can amplify the effects of market manipulation.

Some commentators on Crypto Twitter have suggested that such attacks may not always be profit-driven, but rather aimed at undermining the reputation of decentralised platforms.

On-chain forensic analyses have scrutinised links between wallets used in the manipulation and entities such as BTX Capital, though allegations remain unproven.

Hyperliquid’s response, including a temporary pause on its Arbitrum bridge, helped mitigate further destabilisation.

However, the incident is likely to weigh on investor sentiment, especially as retail demand for HYPE has remained low following a significant reduction in futures Open Interest over the past month.

Futures Open Interest for HYPE has also contracted from $2.08 billion at the end of October to $1.56 billion, signalling declining risk appetite among traders.

HYPE price reaction to the attack

Despite the loss, Hyperliquid’s HYPE token showed relative resilience in the immediate aftermath.

HYPE price rose modestly from $37.77 to $39.39 following the resolution of the attack, indicating that broader retail confidence in the token remained intact.

However, the token has since pulled back to around $38.09 at press time, hinting at a cautious long-term outlook.

Technical indicators paint a bearish picture, with HYPE trading below its 200-day Exponential Moving Average (EMA) just below $39 and failing to surpass the 50 and 100-day EMAs around $43.

Momentum indicators, including the MACD and RSI, suggest persistent selling pressure, and analysts warn that a decisive break below the $35 support level could accelerate a decline toward the $30 mark.

The post Hyperliquid loses $5M in POPCAT attack, HYPE price comes under pressure appeared first on CoinJournal.

Key takeaways

• Solana is down 10% in the last 24 hours and is now trading below $140.
• The coin could dip further as the market sentiment weakens.

Market sentiment weakens as cryptos suffer huge losses.

SOL, the sixth-largest cryptocurrency by market cap, has lost 13% of its value this week, making it the third consecutive week of recording losses. The bearish performance comes despite the two-week-old Solana spot Exchange Traded Funds (ETFs) in the US recording the lowest net inflows ever, suggesting softer institutional demand. According to Sosovalue, the US Solana spot ETFs logged $1.49 million net inflow on Thursday, mainly driven by the Bitwise Solana staking ETF. This was the lowest inflow since the inception of Solana ETFs, suggesting a decline in demand from institutional investors. 

In addition to that, CoinGlass data reveals that the SOL futures Open Interest (OI) is down 3.34% in the last 24 hours to $7.35 billion. This suggests that futures traders are either closing long positions or reducing leverage. 

In line with the current market conditions, the OI-weighted funding rate has shifted to a negative level of -0.0076% from near-neutral levels earlier in the day, indicating that traders are holding more short positions. If the current market conditions persist, the recovery would be a tough battle for bulls. 

Will Solana extend the decline to $120?

The SOL/USD daily chart remains bearish and efficient as Solana has underperformed in recent days. The coin is edging lower for the fourth consecutive day this week after breaking below the $150 psychological level a few hours ago. 

At press time, SOL is trading at $138 and is aiming for the $126 low from June 22. If SOL breaks below this low, it could test the $100 psychological support over the coming days or weeks. 

The Relative Strength Index (RSI) dips to 36 on the same chart, oscillating towards the oversold zone, indicating selling pressure. The Moving Average Convergence Divergence (MACD) also failed to cross above the signal line, extending the downward trend.

However, if the technical indicators improve and SOL maintains its value above $126, it could record a slight recovery towards the $155 demand-turned-supply zone. The next resistance level at $175 could prove challenging in the near term.

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Key takeaways

• ETH is down 10% and now trades around $3,100 per coin.
• The bearish performance comes as the broader crypto market records a massive selloff.

ETH dips 10% amid wider market selloff

Ether, the second-largest cryptocurrency by market cap, has lost 10% of its value in the last 24 hours, sparking increased profit-taking and loss realization, as prices approached the cost basis of whales.

This latest development comes as Ethereum investors have intensified their selling activities over the past few days. Data obtained from Santiment revealed that investors have booked over $500 million in profits and $100 million in losses since Sunday. 

In addition to that, Ether’s price is approaching the average cost basis or realized price of whales with a balance of 10K-100K ETH, which is around $2,900. A dip below this cost basis will spark intense selling pressure as the whales look to cut losses.

Whales have been key in absorbing selling pressure since ETH’s price decline accelerated over the past month, as they have increased their collective balance by 890K ETH during the period. 

ETH could dip below $3k as selling pressure intensifies

The ETH/USD daily chart remains bearish and efficient as Ether has lost 10% of its value in the last 24 hours. The coin faced rejection at the previous broken trendline around $3,592 earlier this week and has dipped by 10% since then. At press time, ETH is trading at $3,140 per coin. 

If the selloff continues, ETH could lose the $3k support level and dip towards the $2,900 psychological level. Failure to close the daily candle above the $3,170 region could spark further selloff for Ether.

Similar to Bitcoin, Ethereum’s RSI and MACD indicate bearish momentum gaining traction, signaling a deeper correction ahead.

However, if Ether recovers and closes the daily candle above $3,170, it could rally towards the next resistance level at $3,592.

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• The Central Bank of Ireland granted the licence through Aave’s local subsidiary.
• Push allows users to convert euros to crypto assets, including GHO, with no fees.
• Ireland is emerging as a hub for regulated decentralised finance in Europe.

Decentralised finance infrastructure took a decisive step into Europe’s regulated fintech ecosystem as Aave Labs secured authorisation under the Markets in Crypto-Assets (MiCA) framework.

The regulatory nod, granted by the Central Bank of Ireland, enables Aave Labs’ fiat-to-crypto platform, Push, to operate across the European Economic Area (EEA).

This means European users can now convert between euros and digital assets, including Aave’s native stablecoin, GHO, without relying on centralised exchanges.

The approval makes Push one of the first DeFi-native platforms legally authorised to offer stablecoin ramps in Europe.

Operated through Push Virtual Assets Ireland Limited, a wholly-owned subsidiary, the platform introduces zero-fee euro-crypto conversions, giving it a price advantage over traditional financial service providers and exchanges.

However, Aave Labs did not clarify whether this pricing model is permanent.

Aave’s decision to launch Push from Ireland reinforces the country’s position as a rising regulatory hub for digital assets in Europe.

Push targets centralised exchange reliance on stablecoin onboarding

Push aims to eliminate the friction associated with fiat on-ramping by creating a direct, regulated pathway between euros and crypto assets within Aave’s ecosystem.

The platform’s focus on euro liquidity and GHO integration supports the broader goal of reducing DeFi’s reliance on centralised exchanges for stablecoin access.

Aave Labs described regulatory infrastructure as essential to onboarding the next wave of mainstream DeFi users.

With Push, the protocol creates a gateway for users and developers to interact with stablecoins under a framework that complies with MiCA’s legal and auditing requirements.

That assurance of regulatory transparency is particularly relevant as stablecoin use continues to expand in lending, borrowing, and yield farming protocols.

Stablecoin regulation fuels Europe’s crypto market integration

MiCA’s stablecoin framework plays a central role in enabling services like Push to thrive.

The legislation, which came into effect earlier in 2025, establishes clear rules for stablecoin issuance and crypto-asset service providers (CASPs) in the EU.

Aave’s authorisation under MiCA signals that regulators are increasingly open to DeFi-native firms participating in the financial system, so long as compliance benchmarks are met.

As a DeFi-first platform offering institutional-grade liquidity, Aave’s move to operate within MiCA guidelines marks a turning point in how decentralised services are integrated with traditional financial structures.

Push’s entry is likely to be watched closely by peers and competitors, especially as the stablecoin sector continues to scale at pace.

While Push currently centres on euro and GHO conversions, the groundwork laid in Ireland could see broader service expansions as MiCA regulations continue to shape Europe’s crypto infrastructure.

Aave’s success may prompt other DeFi protocols to follow suit, potentially turning the EEA into a hub for regulated stablecoin innovation.

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Key takeaways

• ETH is down 1.5% and is now trading above $3,500 per coin.
• The positive performance comes as whales accelerate buying pressure.

Whales stack up Ethereum

Ether, the second-largest cryptocurrency by market cap, is trading above $3,500 after defending the $3,300 low on Wednesday. The coin is still down 1.5% in the last 24 hours, but could rally higher in the near term.

The positive performance comes as a key Ethereum whale has added over $1.38 billion worth of Ether coins to their wallet over the last ten days. According to Arkham Intelligence, the whale added another million in ETH to its holdings, while also borrowing $270 million from the decentralized lending platform Aave to potentially expand its ETH position.

The whale now holds 228.39K ETH in loaned positions worth about $818.6 million and 157.32K ETH in direct spot holdings worth $563.8 million. A few other onchain platforms also reveal similar bullish sentiment among Ethereum whales. 

Ether eyes $3,900 despite choppy market conditions

The ETH/USD 4-hour chart is bearish and efficient as Ether is down 1.5% in the last 24 hours. The cryptocurrency saw over $153 million in liquidations in the last 48 hours, led by $122.8 million in long liquidations.

The bearish performance comes after Ether faced a rejection at the 200-day Exponential Moving Average (EMA), just below the $3,660 resistance, on Wednesday. It dropped to the $3,470 support level but has now bounced back and is trading above $3,500 per coin. 

If ETH sustains its recovery above $3,470, it could rally higher and hit the $3,900 mark. However, the resistance level at $3,660 will provide a challenge in the near term. On the flip side, failure to surpass the $3,660 resistance level could see ETH retest $3,470, with another support level just around $3,100.

The Relative Strength Index (RSI) stands at 51, showing a fading bearish trend. The MACD line is also below the neutral zone, but could crossover into the bullish region if the recovery continues.

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