Hyperliquid Team Sells 3.75 Million HYPE Tokens Over-the-Counter

The Hyperliquid team has unstaked 3.75 million HYPE tokens, worth around $329 million at current prices, to be sold over-the-counter to a single institutional buyer.

This move comes after the price of HYPE reached a record high of $97.96 on September 23, but has since fallen by around 10% to its current price of $88.26 per token.

The sale is not expected to be executed through an exchange, which would typically drive down the market price, as the buyer and seller have agreed on a fixed price beforehand.

This development may impact the market price of HYPE, particularly if the buyer resells quickly or holds onto the tokens for a longer period.