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HYPE, SUI Lead Altcoin Losses as Ethereum Dips Under $4,300

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In brief

  • Hyperliquid (HYPE) and SUI led losses among major altcoins as Bitcoin’s correction from $118,000 to $115,000 triggered widespread liquidations.
  • The selloff comes ahead of Thursday’s Jackson Hole Economic Symposium, with analysts noting funding rates had been “warning of trouble” and higher-than-expected PPI data forcing markets to scale back September rate-cut expectations.
  • Analysts called the market move “a corrective pullback within an uptrend” but warned that if Ethereum breaks below $4,150 support, further cascading liquidations could target the $3.9k–$3.6k range.

Ethereum’s slip below $4,300 set off a chain reaction across crypto markets Monday morning, wiping out more than $487 million in long positions and leaving altcoins bleeding.

Hyperliquid (HYPE) plummeted 8.7% to $43.38 while Sui (SUI) crashed 7.3% to $3.55, leading a brutal selloff across altcoins.

Ethereum (ETH) shed 5.4%, Solana (SOL) tumbled 5.6%, and Cardano (ADA) declined 6.2%, according to CoinGecko data.

XRP (XRP) fell 4.5%, Stellar (XLM) dropped 5.4%, and Dogecoin (DOGE) retreated 4.6% in the last 24 hours.

“This looks like a fairly natural pullback after the strong run many cryptocurrencies had seen in recent weeks, with liquidations amplifying the downside across the market,” Nansen analyst Nicolai Sondergaard told Decrypt.

“Since altcoins tend to react more sharply during these periods, tokens like HYPE and SUI experienced even steeper declines,” Sondergaard noted, pointing out that Bitcoin’s sell-off triggered the declines.

Traders brace for Jackson Hole meeting

The liquidation cascade comes ahead of Thursday’s Jackson Hole symposium, with QCP Capital analysts sharing in their latest report how “some traders believe that the overnight washout reflects de‑risking ahead of the symposium,” where Fed Chair Jerome Powell takes the stage.

Held each August in Jackson Hole, Wyoming, the symposium gathers the Fed, global central bankers, and policymakers.

QCP analysts added that “BTC funding rates had been warning of trouble” with rates turning negative by Saturday despite spot prices rising over the weekend.

“The U.S. PPI came in higher than expected, forcing markets to quickly scale back September rate-cut bets that earlier signs of labor market softness had elevated,” Dan Chen, analyst at crypto exchange Bitunix, told Decrypt.

Chen called the selloff “a corrective pullback within an uptrend” and said the market may consolidate through Jackson Hole if Ethereum “can hold support near $4,150” before resuming its advance.



However, he warned that “a breakdown risks further cascading liquidations with downside targets in the $3.9k–$3.6k range, where altcoins—especially HYPE and SUI—are likely to stay relatively weaker.”

Some 75% of Ethereum’s $206.79 million in liquidations in the last 24 hours came from long positions, totaling more than $180.52 million, according to CoinGlass data.

“The mounting queue of soon-to-be-unstaked ETH could be driving the asset’s recent retracement,” Juan Leon, Bitwise Senior Investment Strategist, previously told Decrypt.

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SUI Action: Weekly Pattern Suggests Price Is Coiling For A Bigger Move

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The SUI/USDT weekly chart is attracting attention as the price action tightens within a defined range. After a period of decline and consolidation, the asset is stabilizing, with key support levels holding firm. The structure suggests that the asset may be gearing up for a potential shift in trend.

Price Action Coiling Up — Will SUI Snap Upward?

SUI has formed a symmetrical triangle squeeze, a pattern known for preceding explosive moves. Its price recently dipped below the lower trendline, raising alarms for a potential breakdown. However, Atres Crypto Academy noted on X that this may have been a bull trap, a temporary shakeout before a sharp reversal.

If SUI snaps back into the triangle with strong momentum, it would signal that the breakdown was a false move, and bulls may be regaining control. In that case, the stage would be for an upside breakout, with the target set at $3.50 or more.

Source: Atres Crypto on X

SUI price action is forming a falling wedge pattern, a bullish reversal setup. After dropping 37% from its May highs, the altcoin is now testing a key support zone between $2.70 and $3.00, an area that has typically drawn buying interest. WEBBZ.SUI highlighted that a confirmed breakout could propel the token toward the $4.50 to $5.00 region, and if support fails to hold, the next critical level will be the $2.00 zone.

According to Gemxbt, the 1-hour chart is showing a consolidation phase around the $2.85 level, with the price stabilizing above the 5, 10, and 20-hour moving averages, signaling strength and support in this zone.

The Relative Strength Index (RSI) is also trending upward, steadily moving away from oversold territory. This suggests that bullish momentum is building. Furthermore, the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover, indicating possible upward price movement if confirmed by increased volume.

Signs Of Strength Emerging 

SUI has quietly surged from under $0.60 to over $4.00 in less than a year, making an impressive nearly 7x gain despite pullbacks. The price-performance underscores the growing interest and momentum behind the token.

Emilio Crypto Bojan mentioned that the fundamentals are starting to catch up with the price action. DeFi aggregator volume has now surpassed $45 billion, with a 19% increase over the past 30 days, and bullish vibes are building ahead.

SUI is showing signs of strength after holding the critical support zone at $2.70, suggesting that a potential bounce is building. Presently, the market structure shows that conditions are favorable for a reversal, provided the bulls step in decisively. Cult Babe also revealed that the price action appears to be preparing for an upward move, with the key focus of reclaiming the $2.90 resistance level.

SUI trading at $2.7 on the 1D chart | Source: SUIUSDT on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

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Sui DeFi Exchange Cetus Back in Action After $233 Million Exploit

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In brief

  • Sui’s leading decentralized exchange, Cetus Protocol, is back up and running following an exploit.
  • Cetus used a loan from the Sui Foundation, recovered funds, and its cash reserves to rectify losses.
  • The protocol is offering CETUS tokens to affected users as a compensation for liquidity losses.

Cetus Protocol, the leading decentralized exchange on the Sui blockchain, is officially back online after a malicious oracle attack led to an exploit of $233 million in May. 

The exploit, which sent multiple SUI-based tokens tumbling 70-90%, manipulated price curves and reserve calculations, allowing the attacker to remove liquidity from pools on the DEX. 

“The attacker exploited a vulnerability in a CLMM-dependent open source library, drained assets from our major pools, and conducted a large number of on-chain swaps, severely disrupting pool prices and balances,” the platform wrote in a Saturday blog post.

“Since the incident, we’ve taken decisive steps to ensure the security of the protocol, recover assets, and prepare for a safe relaunch,” the post noted.

🌊 The Final Countdown Has Begun.

Cetus will officially relaunch in just a few hours. Ahead of that, we’re unveiling our complete Recovery Plan and what’s next for the protocol. 🐳

This isn’t just about recovery or bouncing back — it’s about resilience, rebuilding, and an… pic.twitter.com/VNejffrjbS

— Cetus🐳 (@CetusProtocol) June 7, 2025

Those steps included retrieving around $162 million in funds frozen from the attack via a community governance vote, receiving a $30 million bridge loan from the Sui Foundation, patching vulnerabilities, and developing a compensation plan to address user losses. 

Using the bridge loan from the Sui Foundation, 100% of the company’s cash reserves, and the recovered assets from the exploit, the company has now returned all affected liquidity pools to a healthy state, earning liquidity recovery rates of between 85-99% for the respective pools. 

“Though an incident like this is disappointing, the overwhelming industry response to how it was handled has been incredibly positive,” Sui Foundation Managing Director Christian Thompson told Decrypt. “We are particularly proud of the speed and responsiveness of collective action taken by the Sui community.”



“Validators independently chose to quarantine transactions from attacker addresses based on public information, and then with the Sui Foundation’s help of calling for a vote, validators chose to return these funds to Cetus,” he added.

A full 100% recovery is not possible due to “asset limitations,” the protocol said, therefore it has established a compensation plan for affected parties that will grant CETUS tokens as a result of the losses from liquidity pools. 

“We are allocating 15% of CETUS supply to the compensation contract,” the protocol wrote. “In taking these actions, it is our hope this token redistribution will transform CETUS into a more community-driven ecosystem going forward, a positive outcome from an incredibly challenging time for all of us.” 

Eligible users can connect their wallets on the compensation tab of the Cetus Protocol to claim their CETUS tokens starting on Tuesday. The compensation plan unlocks 5% of CETUS tokens immediately, with an additional 10% vesting linearly over a 12 month period.

Any outstanding funds recovered from the hack moving forward will be offered to users instead of CETUS tokens. The protocol, which is working with law enforcement in multiple jurisdictions, remains confident that an arrest and recovery is “only a matter of time.” 

“We’re rebuilding—more secure, more resilient, and more dedicated than ever to delivering secure, powerful and user-friendly DeFi infrastructure for the Sui ecosystem,” the protocol wrote.

The response to the attack from the Sui Foundation faced some pushback over centralization concerns, but Thompson said he believes it’s unfounded.

“The minority of critics who called the immediate response to the hack ‘centralized’ either misunderstood the facts about what happened, or fundamentally misunderstand what decentralization means,” Thompson told Decrypt.

“True decentralization isn’t paralysis—it’s coordination among independent parties who can act decisively when it matters,” he continued. “And the majority of the industry gets this and has been incredibly positive about both the Foundation and our community’s responses.”

SUI’s native token is up 5% in the last 24 hours to $3.44, but is down from around $4.15 on the day of the exploit. It remains nearly 36% off its January all-time high of $5.35. 

Cetus Protocol’s native CETUS token is down more than 75% from its November all-time high of $0.48 and is trading around $0.12 on Monday, a 30% decrease since the day of the exploit.

Edited by Andrew Hayward

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Crypto Trends

Sui Decentralized Exchange Cetus Is Back Online After $223M Exploit

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Sui-based decentralized exchange (DEX) Cetus Protocol is back online following a 17-day outage spurred by last month’s $223 million exploit.

The protocol recovered around $162 million worth of stolen funds and is continuing legal action against the attacker, who did not respond to the DEX’s requests to negotiate.

Sui stepped in to compensate Cetus for the initial losses, issuing a loan to reimburse impacted users on May 28. DefiLlama data shows that Cetus’ total value locked (TVL) was $284 million before the exploit and is now down to $124 million.

The attacker exploited a flaw in Cetus’ shared math library contract, tricking the protocol into believing that one token was worth millions of dollars.

Despite attempts to negotiate and come to a settlement, the attacker began laundering funds through coin-mixing service Tornado Cash.

Cetus has refilled the liquidity pools with between 85% to 99% of their initial liquidity, meaning that users can now trade on the platform without exceptional slippage.

The Cetus token (CETUS) has lost 44% of its value over the past month and is down around 1% over the past 24 hours, CoinMarketCap shows.



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Sui Foundation stays neutral; $162m hack plan up for vote
NFT Gaming

Sui price down 14% in a week as ETF uncertainty and macro risks hurt sentiment

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Sui has experienced prolonged bearish pressure after the SEC decided to prolong its decision on its spot ETF.

Sui (SUI) was down 4% on Thursday, compounding its earlier losses this week to 14%. Despite somewhat recovering this week, the token is still under pressure as weak sentiment plagues its entire ecosystem.

The most recent blow for Sui came in the form of an unfavorable decision by the U.S. Securities and Exchange Commission. On June 4, the SEC delayed its decision on the Canary Capital’s spot SUI ETF, triggering renewed uncertainty.

This brought Sui down near its weekly lows, to the $3.06 level, which it saw during the May 30 flash crash. At the time. At the time, Sui was down 20% in 24 hours, as unprecedented selling volume negated its brief rally above $4.

Cetus Protocol hack still weighs on Sui price

The $4 rally was negated due to lingering negative sentiment from the Cetus Protocol hack. On May 22, the core Sui-based protocol was exploited for an estimated $223 million. The hack had a significant effect on the Sui token, due to its central role in its ecosystem.

Cetus Protocol enabled token swaps and yield farming for than 62,000 active users. At the same time, the protocol generated over $7.15 million in daily trading fees. However, the team’s reaction to the hack had even more significant negative effects.

In response to the hack, Sui validators agreed to freeze hacker wallets. However, while this reaction helped mitigate the effects of the hack on users, it also caused significant concerns. Notably, traders started questioning whether or not Sui is truly decentralized.

Compounding these lingering pressures is the rest of the crypto market, which was under pressure last week. Major tokens, like Solana, Dogecoin, Cardano, and Shiba Inu, also saw double-digit losses over the past seven days.



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SUI slides 20% as $4 rally reverses course
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SUI slides 20% as $4 rally reverses course

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SUI, the native token of the Layer 1 blockchain Sui, has entered a period of steady decline after failing to sustain its recent rally above the $4 level.

After briefly breaking above the $4 mark in a May 2025 rally SUI (SUI) has hit a rough patch in recent weeks struggling to maintain its upward momentum. Per recent price performance, the token is down over 7% over the past week, despite recording a modest 1.3% bounce in the last 24 hours.

SUI’s price movement| Source: crypto.news

Trading at $3.32 at press time, SUI’s price is a slight recovery from its low point of $3.07 in the ongoing corrective phase. The token’s value marks a steep 19.8% drop from its monthly high of $4.14 and an approximate 37% from its all-time high of $5.30. 

The downturn may be partly attributed to dampened sentiment across the ecosystem following the May Cetus exploit, which resulted in a loss of $260 million. The post-mortem jitters also triggered a decline in the total value locked (TVL) on the Sui network from $2.13 billion to the present $1.75 billion, according to DefiLlama data. 

Despite the pullback, optimism for SUI remains. This is fueled by continuous signs of growth across the broader ecosystem, as well as growing bullish whispers of a spot ETF spurred by recent filings from investment firms like 21Shares.

SUI’s recent dip mirrors a broader cooling across the crypto market, although BTC and major altcoins such as ETH and SOL have demonstrated stronger resistance amid the ongoing volatility. Memecoins including POPCAT and WIF defied the larger trend with more impressive gains, posting 14% and 16% respectively.



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May’s crypto hacks total $244m; Sui, Cetus claw back $157m
Crypto Trends

May’s crypto hacks total $244m; Sui, Cetus claw back $157m

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Crypto hacks resulted in approximately $244.1 million in losses during May 2025.

According to blockchain security firm PeckShield, this marks a 39.29% decrease from April’s figures. The month recorded roughly 20 major incidents, with coordinated recovery efforts successfully freezing some stolen assets.

The most notable development involved the collaborative response between Sui (SUI) validators and Cetus Protocol following a massive $220 million exploit. Network participants managed to freeze $157 million of the stolen funds, a 71% recovery rate from the total theft amount.

Cetus exploit dominates monthly losses

The Cetus Protocol incident was the largest single hack of the month and accounted for the majority of losses. According to blockchain security firm Dedaub, attackers exploited a vulnerability in the most significant bits check mechanism.

This allowed them to manipulate liquidity parameters by substantial margins and establish disproportionately large positions with minimal effort.

While hackers successfully looted $220 million from the protocol, approximately $63 million remains in the exploiter’s wallet, with the remainder frozen through validator coordination.

The remaining top exploits of the month included Cork Protocol losing $12 million. A purported North Korean-affiliated strike that caused losses of $5.2 million came next.

The MBU token suffered a $2.2 million exploit, while MapleStory Universe experienced a $1.2 million breach and rounded out the top five incidents.

Despite the major absolute losses, May’s figures are an improvement over previous months in the context of 2025’s overall security losses.

More than $1.63 billion worth of cryptocurrencies was stolen in the first quarter of this year. Additionally, PeckShield said that almost 92% of all losses at that time were caused by the Bybit vulnerability.

January’s security incidents resulted in over $87 million in stolen cryptocurrency, while February experienced a surge to $1.53 billion. This was primarily driven by the massive Bybit attack that ranks among the largest crypto thefts in history.



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NFT Gaming

SUI Plunges 9% Amid Flash Crash and Extraordinary Selling Volume

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SUI plummeted 9.25% from $3.72 to $3.38, with heaviest selling during midnight hours UTC on volume 78% higher than daily average

The recent correction comes amid broader geopolitical tensions affecting cryptocurrency markets globally.

While Bitcoin has shown resilience above critical resistance zones, SUI has faced downward pressure despite strong fundamentals.

The Cetus Protocol exploit that resulted in $223 million in stolen assets (with $162 million frozen) has created uncertainty, though the Sui community appears poised to approve a recovery plan with 71% of validators already voting “yes” to return the frozen funds.

Technical Analysis Breakdown

  • SUI-USD dropped from a high of $3.728 to a low of $3.383, representing a 9.25% correction.
  • Strongest selling pressure occurred during the midnight hour (00:00) with 4.0% price drop on 78% higher-than-average volume.
  • Strong resistance established at $3.55 level.
  • Recovery attempts visible at $3.42 support with above-average volume during 01:00-02:00 period.
  • Lower highs forming a descending trendline, indicating continued bearish pressure.
  • Flash crash occurred between 09:37-09:38, with price plummeting from $3.45 to $3.40.
  • Extraordinary volume of 4.3 million units recorded during the flash crash.
  • V-shaped reversal pattern formed, reclaiming approximately 60% of losses.
  • Price stabilization around $3.43-$3.44 range.
  • Key support at $3.40 showing substantial buying interest across multiple timeframes.
  • New resistance formed at $3.45-$3.46, creating a consolidation range. Diminishing selling pressure suggests potential near-term stabilization.



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Sui Foundation stays neutral; $162m hack plan up for vote
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Sui community backs vote to recover Cetus hack frozen funds

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The Sui community has voted to unlock over $160 million in frozen assets following a major exploit of Cetus, a leading decentralized finance protocol on the network.

In a May 29 post on X, Sui (SUI) confirmed that validators representing 90.9% of the total stake voted “yes” in an on-chain governance proposal to move the frozen funds into a multi-sig wallet. The vote is a critical step in Cetus’s (CETUS) recovery plan after a $223 million exploit rocked the protocol on May 22.

Update – Validators representing 90.9% of stake have said “Yes” in the onchain community vote, and the vote has concluded early.

With this result, the impacted funds will be moved to a multi-sig wallet and held in trust until they can be returned to users according to the plan… https://t.co/qG8aPAhD8e pic.twitter.com/WjiSbLWt8n

— Sui (@SuiNetwork) May 29, 2025

The community vote was initiated after Cetus requested protocol-wide support to recover and return assets that were frozen on-chain following the hack. The attacker had exploited a vulnerability in third-party code to drain multiple liquidity pools, later bridging a portion of the funds to Ethereum (ETH). Validators managed to freeze $162 million of the stolen assets on Sui before more damage could be done.

As part of the recovery plan, the unlocked funds will be held in a trust account controlled by a multisig until they can be returned to affected users. Cetus has committed to combining the recovered funds with its treasury and a loan from the Sui Foundation to ensure all victims are fully reimbursed.

Although the flaw was in Cetus’ code, not the Sui network itself, Sui is treating the exploit as a critical moment for the ecosystem’s security model. In response, it announced a $10 million initiative to improve protocol-level audits and formal verification tools. Sui is also expanding its bug bounty program to cover major protocols with high total value locked.

Sui’s transparent and community-driven response has been praised by some community members, while others continue to express concerns about freezing wallets in a supposedly decentralized system. The vote was open to both validators and individual stakers, whose choices were reflected through their delegated stake.

With the vote now finalized, Cetus is expected to release a detailed timeline for reimbursements. Compensation efforts are set to begin soon, with full repayment now possible due to the newly recovered funds.





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SUI Price Set For $10? Wave 3 Says Double-Digits Is Coming In June

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The SUI price is seeing renewed interest as analysts predict that a major price move is underway. According to an Elliott Wave analysis, SUI is entering Wave 3 and could be gearing up for an explosive surge to $10 by June.

Wave 3 Breakout To Push SUI Price Above $10 

The SUI price action since April 2025 has followed a textbook Elliott Wave pattern, suggesting that the altcoin may be entering a powerful uptrend. A technical analysis shared by Crypto Bullet on X (formerly Twitter) forecasts that SUI may be preparing for a parabolic run to or above $10 by June. 

The analyst’s chart shows that SUI has completed a five-wave impulse from April’s bottom, which formed a Wave 1 structure. This was followed by a healthy price correction, now labeled as Wave 2, which appears to be either complete or very close to its end. The next leg in SUI’s Elliott Wave structure is Wave 3, historically the strongest wave and often delivering gains in the shortest period. 

Based on the analysis, the SUI price is presently respecting the wave count. The initial Wave 1 rally saw strong momentum, clear sub-waves, and a defined structure. Despite recent market uncertainty and the aftermath of the Cetus hack, the analyst noted that the correction phase in Wave 2 was expected and necessary to prepare for the next rally.

Source: Crypto Bullet on X

Based on Crypto Bullet’s analysis, SUI’s price action aligns almost perfectly with the classical Elliott Wave Theory. The altcoin is also poised to enter Wave 3 and potentially catapult to bullish targets of $10 and beyond. 

As of now, SUI is trading at $3.64, but if the wave count plays out as expected, the analyst predicts that the altcoin could soon break resistance levels near $4.70 and $5.20 on its way to a double-digit target. The chart’s technical roadmap also suggests a potential climb toward the $13 – $14 range during Wave 3, with a further push toward $16 – $18 likely as Wave 5 unfolds later in the cycle. 

SUI Prints Bullish MACD Cross

According to a technical chart analysis presented by Funkii.sui, a market analyst on X, the SUI price has just printed a bullish Moving Average Convergence Divergence (MACD) crossover — a momentum shift that previously led to a rally of over 723.15%. This new crossover suggests that the altcoin may be entering a fresh macro uptrend after months of consolidation and corrective movement. 

Currently, SUI technical indicators point to a strong setup. On the weekly timeframe, the MACD line has crossed above the signal line, indicating a potential for a long-term trend reversal. The last time this signal flashed, SUI surged from under $0.6 to nearly $5. 

As a result, Funkii.sui predicts a potential move to $16 or higher, representing a gain of over 593% if the same pattern repeats. The analyst’s chart shows that SUI recently rebounded from a key support zone around the $1.8 – $2.00 range. This bounce, combined with a clean break above the 0.5 Fibonacci level, signals the possible end of SUI’s downtrend and the beginning of a new impulsive wave.

SUI trading at $3.66 on the 1D chart | Source: SUIUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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