700M Unlock Hits Hyperliquid: HYPE & ASTER Sell-Off, $0.60 Key
Crypto markets turned weak on June 6, putting fresh pressure on Hyperliquid’s HYPE and ASTER. A scheduled $700 million token unlock on Hyperliquid increased circulating supply, raising near-term selloff risk.
HYPE slid about 12% over the week and traded near $59.35, far below its $75.51 all-time high from June 1. Reports also said Arthur Hayes fully closed his HYPE positions, adding to the bearish tone.
ASTER was hit harder on the day, down roughly 7.7% to around $0.62. Traders are watching whether ASTER can hold the critical $0.60 support zone. If that level fails, the next area cited is around $0.55. Despite the drop, volume stayed active, suggesting continued interest.
The article also flagged renewed focus on the perpetual futures landscape. It referenced remarks from Binance founder Changpeng Zhao (October 2025 interview) noting Hyperliquid’s open trading structure and ASTER’s stronger privacy features and native asset deposits beyond a BNB Chain-only model. Because both projects are still young, leadership may shift.
Bottom line for traders: the HYPE and ASTER token unlock narrative is reinforcing downside pressure, but $0.60 for ASTER will likely determine whether the market stabilizes or accelerates lower.
Bearish
The catalyst here is supply expansion: a scheduled $700M token unlock on Hyperliquid increases circulating supply, which historically tends to amplify sell pressure and volatility around vesting dates. In the same window, HYPE is reported down ~12% and trading well below its recent peak, consistent with investors de-risking ahead of (or during) unlock-driven liquidity changes.
For ASTER, the market focus is technical: it already dipped into the $0.61–$0.62 range and is now tested against $0.60. This setup is similar to prior unlock/vesting events where failing a key support often leads to a quick move toward the next lower liquidity pocket (here cited around $0.55).
Offsetting factors are limited but notable: volume staying brisk suggests some demand absorption, and the article notes ongoing interest in the perpetual futures sector. Still, until price confirms a defense of $0.60 for ASTER and HYPE shows stabilization after the unlock, the dominant expectation for traders is bearish.
Short-term: higher probability of continued downside swings and elevated funding/volatility risk on perp markets. Long-term: if both projects manage unlock schedules transparently and maintain user/treasury strength, the sell pressure could fade—but that confirmation requires multiple sessions of support holding, not just one day of volume.