Key Takeaways:
Aster and Hyperliquid, two of crypto's most-watched perpetuals tokens, diverged Friday as a $700 million token unlock on Hyperliquid rippled through the sector.
Aster fell 7.7% to $0.62 on June 6 as a $700 million token unlock on Hyperliquid triggered selling pressure across the perpetuals sector. The decline pushed Aster toward its key support level at $0.60, a threshold that, if broken, could open a path to the $0.55 region, according to analysts cited on CoinMarketCap.
"The unlock event creates a clear supply overhang that traders are pricing in ahead of time," Jason Wu, on-chain analyst at Edgen, said. "When you combine that with Arthur Hayes exiting his HYPE position, the market is reacting to two distinct sell signals."
Hyperliquid released 9.92 million HYPE tokens worth roughly $684 million on June 6 as part of its monthly vesting schedule, according to Tokenomist. HYPE traded at $59.35, down 12% from its June 1 all-time high of $75.51. The token's market cap of $18.6 billion briefly surpassed Dogecoin earlier this week before the unlock. Arthur Hayes, co-founder of BitMEX, liquidated his entire HYPE position, adding to the downward pressure.
The $700 million unlock represents one of the largest single token supply events this year, and with Polymarket giving HYPE a 57% chance to reach $100, the divergence between retail optimism and on-chain supply reality is at its widest since the token's launch.
Whale activity deepens the selloff
Whale wallets trimmed their Aster holdings by 3.42% in the 24 hours through June 6, removing about 765,000 tokens worth roughly $520,000, according to Arkham Intelligence data. The selling came even as Aster edged up 1% on the day, suggesting large holders used the brief strength to exit positions rather than accumulate.
The pattern mirrors broader weakness in the perpetuals sector. Hyperliquid's treasury holds approximately $1.1 billion in unrealized token gains, according to project disclosures, raising questions about whether further selling could follow the unlock.
CZ draws a distinction
Binance founder Changpeng Zhao, in an October 2025 interview that resurfaced this week, said Aster and Hyperliquid address different trading needs rather than competing directly. He described Hyperliquid as a platform for open and transparent trading, while Aster offers greater privacy features and supports native asset deposits beyond a BNB Chain-focused structure. Both projects remain young, he noted, and future market leadership could shift as new platforms enter the sector.
For now, traders are watching whether Aster can hold support above $0.60 and whether Hyperliquid absorbs the unlock without further downside. The next test comes as the market digests the full impact of the June 6 supply event.
This article is for informational purposes only and does not constitute investment advice.
