Hyperliquid's HYPE token dropped around 8% on July 22, 2026, as major trading firms initiated a wave of unstaking. The combined queue for withdrawals reached nearly $150 million in HYPE. Multicoin Capital led the move, with $138.78 million staked in the token, of which nearly 83%, about $116 million, is now pending withdrawal. Selini Capital and Galaxy Digital also joined, lining up $4.4 million and $29.4 million, respectively. A wallet linked to Multicoin transferred about 167,000 HYPE, worth $11.2 million, to Coinbase, a move often seen as a precursor to selling.
The price later recovered slightly, trading near $59.19, with 24-hour turnover exceeding $415.4 million. Despite the drop, HYPE is down roughly 11% on the week. The pending tokens are set to unlock within five to seven days, nearly doubling the token's recent spot activity of $72.8 million over 28 hours. Wintermute led net buying at over $9 million, while the top net seller unloaded $5.2 million.
The unstaking does not necessarily signal a sell-off. Selini's withdrawal is tied to the shutdown of the HIP-3 CASH perpetual markets operated by DreamCash, which used USDT. Selini could offload its returned HYPE through an OTC desk. Multicoin's plans remain unclear, as part of its HYPE could fund a new venture, Trasia, a noncustodial trading platform targeting Asian markets. Multicoin partner Tushar Jain denied sell-off rumors, stating the unstaked HYPE was not intended for sale.
Traders are now watching for another unlock scheduled for July 28, 2026. The pending release of close to $150 million in tradable supply has raised concerns, though the actual impact remains uncertain.