Hyperliquid (HYPE) Token Plummets as $150 Million Funds Queue for Withdrawal
A sudden and significant drop in price occurred for Hyperliquid's (HYPE) token on Wednesday, after three prominent crypto funds queued nearly $150 million worth of HYPE for withdrawal. Multicoin Capital holds the largest amount, with $138.78 million staked, with roughly $116 million sitting in pending withdrawal. Selini Capital and Galaxy Digital also joined the queue, with $4.4 million and $29.4 million respectively.
The token fell to around $57.39 before recovering slightly to $59.19. However, this recovery was short-lived as HYPE has lost about 11% over the past week, making it the worst performer among the top 10 cryptocurrencies in that period. Analyst CryptosBatman noted a bearish continuation pattern forming and set a next target of $55 based on the 1.618 Fibonacci extension.
The reason for this sudden unstaking is not entirely clear, with Selini's situation tied to the shutdown of the HIP-3 CASH perpetuals market run by DreamCash. Multicoin's managing partner Tushar Jain denied selling intent and stated that the funds were not for sale.