Helium hits record low of $0.43 as longs bet against the bearish tape

HNT perpetual traders are trying to catch a falling knife as the token sinks to a fresh all-time low.

Helium's HNT token fell to a record low of $0.43 on June 9, extending a months-long decline that has erased more than 90% of its value from 2025 highs. The move came as the broader crypto sell-off deepened, with Bitcoin dropping below $67,000 and over $1.4 billion in longs liquidated across digital assets, according to Coinglass.

Coinalyze data shows the token's funding rate climbed to 0.0100% during the session, its highest level for the period, reflecting concentrated capital in HNT perpetuals betting on a rebound. The Long/Short Ratio stood at 1.12, meaning positioning leans decisively long even as the spot price grinds lower.

The long positioning runs against the tape. The Accumulation/Distribution indicator has dropped further into negative territory, signaling that sellers continue to dominate trading volume. The Aroon Down line printed 100.00% versus an Aroon Up reading of 47.86%, confirming bearish momentum. Longs have lost $38,000 over the past day while shorts lost nothing, per Coinalyze.

The divergence between price action and trader positioning leaves HNT exposed to a sharp move in either direction. The liquidation heatmap from CoinGlass shows liquidity clusters on both sides with no clear directional bias, meaning a squeeze or a further breakdown is equally plausible.

What's driving the decline

The record low comes as the broader crypto market faces sustained pressure. Bitcoin ETF outflows have now exceeded $3 billion over a 10-day streak, destabilizing the market's most reliable demand driver. Strategy's first Bitcoin sale in four years has added to the uncertainty, with its shares closing down more than 9% on June 9.

For Helium specifically, the decline has been compounded by corporate developments. Noble Mobile, founded by Andrew Yang, acquired Helium Mobile on June 9, sending HNT down 9% on the day. The deal gives Noble access to Helium Network's 137,000 community-operated hotspots, but the market has yet to reward the token for the expansion.

The long positioning trap

The question for HNT holders is whether the perpetual long positioning signals a contrarian bottom or a trap. Funding rates above zero indicate that longs are paying to maintain their positions, a cost that becomes punitive if the downtrend persists. With the Accumulation/Distribution indicator still pointing lower and the Aroon indicator showing no sign of a momentum shift, the path of least resistance remains to the downside.

If the price breaks below $0.43, the next major support sits near $0.35, a level that would trigger additional liquidations among the crowded long base. Conversely, a short squeeze could propel HNT toward $0.55, where the next liquidity cluster sits on the upside.

This article is for informational purposes only and does not constitute investment advice.