Hyperliquid Team Sells $329 Million in HYPE to Single Buyer

Hyperliquid, a cryptocurrency with a market capitalization of over $16 billion, is making headlines after its team announced that they would be unstaking 3.75 million HYPE, worth around $329 million, and selling them over-the-counter to a single institutional buyer. This move has left many holders wondering what it means for the price of HYPE, which has already dropped 10 percent since its record high of $97.96 on September 23.

The sale is significant because it represents around 1.7 percent of the freely tradable tokens, and the buyer will not be selling the tokens on the open market. The tokens will be released from staking over seven days, and their movement to an exchange or a wallet will be visible on the blockchain by October 7.

Hyperliquid has been one of the strongest large assets over the past year, with a gain of around 75 percent over 12 months. The price is currently above its 50-day average of $82 and its 200-day average of $63. The record high of $97.96 is still within reach, but if the price drops below $86, it could open the path to the 50-day average at $82.