Despite a more than 1500% surge since its launch in November 2023 and a 104% year-to-date increase, the Hyperliquid (HYPE) token has fallen 32% since reaching an all-time high of $76.85 in mid-June. This is primarily attributed to increased competition, especially after the U.S. Commodity Futures Trading Commission (CFTC) approved the first regulated cryptocurrency perpetual futures for U.S. clients on May 29. This move allowed platforms such as Kalshi, Coinbase Global, and Robinhood Markets to enter the market. Hyperliquid, however, has not yet received approval from U.S. regulators, making its trading platform inaccessible to U.S. investors.