Hyperliquid Unstakes 3.75M HYPE, Drops 10% from Record High

Hyperliquid Labs has unstaked 3.75 million HYPE tokens, worth around $329 million, and sold them over the counter to a single institutional buyer. The price of HYPE has dropped 10% since its record high of $97.96 on September 23. This move has left some holders concerned, but the team behind Hyperliquid says the sale will not affect the market price.

The tokens will be released from staking over a period of seven days, with the blockchain showing whether they move to an exchange or stay with the buyer. The buyer's identity, price, and any lock-up period have not been disclosed. The sale amounts to roughly 1.7% of the freely tradable HYPE tokens.

Despite the sale, HYPE's price remains above its 50-day and 200-day averages, with a gain of around 75% over the past year. The record high of $97.96 remains a target for the token, but a closing price below $86 could open the path to the 50-day average of $82.