Hyperliquid's futures liquidity flows have declined by up to 1700%, signaling mounting pressure despite the asset's strong long-term uptrend. The sharp decline in futures liquidity flows is among the most noteworthy developments, with liquidity metrics showing red flags that traders should not ignore. HYPE continues to trade well above its major moving averages and remains one of the best-performing assets of the current market cycle, even as short-term conditions appear to be worsening.