Hype Token Slumps Below $56 Amid $150M Unstaking Queue

Hype token prices fell below $56 on Monday due to nearly $150 million worth of institutional holdings moving through Hyperliquid's unstaking queue.

The token dropped about 6% over 24 hours and nearly 10% from recent highs around $62. This selling pressure followed requests from large holders, including Multicoin Capital and Selini Capital, to release staked HYPE tokens.

Multicoin requested the unstaking of approximately 1.96 million HYPE, worth about $120 million when the transactions were submitted. Multicoin managing partner Tushar Jain attributed this request to regular wallet rotation required by institutions.

The token weakness has diverged from activity on Hyperliquid's derivatives exchange. Open interest reached its highest level of 2026 at approximately $11.45 billion, while perpetual trading volume exceeded $9.29 billion over 24 hours.