Zcash, Hyperliquid tokens lead losses as traders bet against a bitcoin bounce

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailZcash, Hyperliquid tokens lead losses as traders bet against a bitcoin bounceCrypto markets are under pressure ahead of key U.S. inflation data due later Wednesday.By Omkar Godbole, Shaurya Malwa|Edited by Sheldon Reback Jun 10, 2026, 10:52 a.m. 3 min readMake preferred on What to know: Crypto markets are under pressure ahead of key U.S. inflation data, with bitcoin back below $61,500 and trading under its 200-week moving average, a level some analysts associate with prolonged bear markets.Derivatives positioning and funding rates across major tokens point to growing bearish sentiment and increased short bets.A reported 350% jump in Uniswap V4’s total value locked was traced to a hacked, worthless token inflating dashboard figures, while Morpho’s token rallied after a $175 million fundraise.The crypto market remains under pressure ahead of the pivotal U.S. inflation data, which is expected to show the cost of living rose to a three-year high of over 4% in May.Tokens such as privacy-focused zcash (ZEC) and decentralized exchange Hyperliquid's HYPE have each dropped over 10% in 24 hours, a signal of risk aversion in the broader market. ADA, ONDO, BCH are other losers, dropping more than 4%. The CoinDesk 20 Index fell 3% in the period.Bitcoin BTC$61,412.97 has retraced to under $61,500, nearly reversing the Sunday bounce that saw prices rise above $64,000 on some exchanges. More importantly, the cryptocurrency is trading below its 200-week simple moving average (SMA), a technical line widely watched by traders."The history of the 200-week moving average over the last 11 years (prior to this, the market had not dipped below it) shows that the average time spent near it is almost 11 months, suggesting a very long bear market," Alex Kuptsikevich, chief market analyst at the FxPro, said in an email.Derivatives positioningCrypto futures volume over the past 24 hours rose 1.2% to $193 billion whi…

Zcash, Hyperliquid tokens lead losses as traders bet against a bitcoin bounce

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