HYPE Price Drops Amid Regulatory Scrutiny

HYPE's price experienced a 4% decline from $45 to $43 following reports of increased regulatory scrutiny by U.S. authorities, according to Odaily. The scrutiny is being driven by a collaboration between CME and the New York Stock Exchange. In response to this news, an address identified as asssdfc transferred 8.826 million USDC to Hyperliquid to short HYPE. The address has opened a short position valued at $7 million with an entry price of $43.1 and continues to increase its short position on HYPE.