The "$900M HYPE unlock" turned out to be tiny. HYPE still dropped. Here's the follow-up
Last week I posted that the scary "$900M $HYPE
unlock" headlines were misleading. Nov 6 has come and gone, so here's what actually happened.
The unlock part: the schedule said 9.92M HYPE, but the team reportedly distributed about 180,000 to core contributors. So the headlines were way off. I haven't seen any on-chain confirmation that those tokens were sold.
The price part: HYPE still fell. It was around $86 on Nov 3, about $80 the day before the unlock, and roughly $77-78 by this morning. That's about 10% down on the week.
So the unlock clearly wasn't the whole story. A few other things in the background:
Whales sold around $109M of HYPE at the end of October, according to Lookonchain.
The price slipped below its 50-day average, around $85.
The whole market has been shaky, with $BTC dropping over 5% on Thursday.
Honestly, I was right about the headline and that still didn't mean the price would hold. Good lesson for me too: one data point rarely explains a move.
When a coin drops, do you look for one big reason, or assume it's a mix of things?
$BTC
#Hyperliquid #TokenUnlock #CryptoNews #Write2Earn
Last week I posted that the scary "$900M $HYPE
unlock" headlines were misleading. Nov 6 has come and gone, so here's what actually happened.
The unlock part: the schedule said 9.92M HYPE, but the team reportedly distributed about 180,000 to core contributors. So the headlines were way off. I haven't seen any on-chain confirmation that those tokens were sold.
The price part: HYPE still fell. It was around $86 on Nov 3, about $80 the day before the unlock, and roughly $77-78 by this morning. That's about 10% down on the week.
So the unlock clearly wasn't the whole story. A few other things in the background:
Whales sold around $109M of HYPE at the end of October, according to Lookonchain.
The price slipped below its 50-day average, around $85.
The whole market has been shaky, with $BTC dropping over 5% on Thursday.
Honestly, I was right about the headline and that still didn't mean the price would hold. Good lesson for me too: one data point rarely explains a move.
When a coin drops, do you look for one big reason, or assume it's a mix of things?
$BTC
#Hyperliquid #TokenUnlock #CryptoNews #Write2Earn