HYPE Drops as $150M in Tokens Near Unlock

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HYPE briefly fell 8% from its local highs as Multicoin Capital, Selini Capital and Galaxy Digital queued nearly $150 million of the token for withdrawals.

Funds queue ~$150M of HYPE for unstaking, $116M from Multicoin

HYPE falls 8% to ~$58; withdrawals dwarf thin spot market

Sale intent unclear — Jain denies selling, Selini exit tied to HIP-3 shutdown

Hyperliquid’s HYPE token slid to around $58 on Wednesday in the face of large unstaking events initiated by crypto funds. Data obtained from hedge fund and analytics platform Block Liquidity shows Multicoin Capital holding a combined
$138.78 million in staked HYPE, of which roughly 83% — about $116 million — sits in pending withdrawal.

That’s as Selini Capital and Galaxy Digital have queued HYPE tokens worth $4.4 million and $29.4 million, respectively, for withdrawal. In addition, a Multicoin-linked wallet also deposited roughly 167,000 HYPE, worth $11.2 million, to Coinbase, possibly to be sold.

As of publication, the price had recovered some of its decline, last trading hands at $59.19, according to CoinGecko data. Trading volume in the past 24 hours was more than $415.4 million.

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