Funds queue $150M of HYPE for unstaking; price slips
HYPE fell to about $58 after crypto funds queued nearly $150 million of staked tokens for withdrawal, with Multicoin accounting for roughly $116 million pending unstake.
Hyperliquid’s native token HYPE dropped to about $58 after crypto funds queued nearly $150 million of staked HYPE for withdrawal. Multicoin Capital accounted for roughly $116 million of the pending unstake, while Selini Capital and Galaxy Digital queued about $4.4 million and $29.4 million, respectively.
Block Liquidity data shows Multicoin holds approximately $138.78 million in staked HYPE, of which about 83% is marked for withdrawal. A wallet linked to Multicoin transferred roughly 167,000 HYPE, valued at about $11.2 million, to Coinbase.
On-chain records from HypurrScan indicate a Selini-associated wallet invoked a StakingTransfer method consistent with an exit tied to a market shutdown.
HYPE traded as low as $57.39 before recovering to around $59.19. Reported 24-hour trading volume exceeded $415.4 million.
Spot trading volume was thinner. Block Liquidity’s flow tracker recorded about $72.8 million in spot volume across roughly 28 hours, while perpetual contracts for HYPE showed near $400 million in daily volume. The queued unstaking, which will be processed over a five-to-seven day window, represents nearly $150 million that could re-enter liquid supply.
Flow data for the 28-hour window recorded 1,463 unique buyers and 982 sellers. Wintermute was the largest net buyer at just over $9 million, and the top net seller offloaded about $5.2 million.
Selini’s unstake appears linked to the wind-down of a HIP-3 CASH perpetuals market run by DreamCash. Under Hyperliquid’s HIP-3 rules, deploying a perpetuals market requires staking 500,000 HYPE as a security bond that can be refunded when a market ends.
Selini may choose to liquidate any refunded stake through an over-the-counter desk, although no OTC trades have been reported.
Multicoin last week led a $1.75 million seed round into Trasia, an Asia-focused noncustodial trading platform. Multicoin managing partner Tushar Jain wrote on X that Trasia is targeting “net new users” and that the unstaked HYPE “was not intended for selling.” A scheduled unlock on July 28 will return tokens to transferable status and market participants will monitor whether tokens are redeployed, sold on secondary markets, or reallocated internally.
No trading suspensions have been reported and exchanges continued to list HYPE throughout the price movement.
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