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The Collaborative International Dictionary
Hypo-

Hypo- \Hy"po-\ [Gr. ? under, beneath; akin to L. sub. See Sub-.]

  1. A prefix signifying a less quantity, or a low state or degree, of that denoted by the word with which it is joined, or position under or beneath.

  2. (Chem.) A prefix denoting that the element to the name of which it is prefixed enters with a low valence, or in a low state of oxidization, usually the lowest, into the compounds indicated; as, hyposulphurous acid.

Douglas Harper's Etymology Dictionary
hypo-

word-forming element meaning "under, beneath" (in chemistry, indicating a lesser oxidation), from hypo-, comb. form of Greek hypo (prep. and adverb) "under," from PIE *upo- "under, up from under, over" (see sub-).

Wiktionary
hypo-

pre. 1 (context anatomy English) below; beneath; under. 2 (context medicine English) deficient; less than normal. 3 (context chemistry English) A name for oxoacid and oxyanions with a low amount of oxygen.