$HYPE is fluctuating near the $91 high, while liquidity tensions in the market are quietly tightening. Around 3.75 million tokens worth nearly $340 million are set to be released tomorrow—spot supply equivalent to 1.69% of the circulating supply, waiting for sufficient real-money demand to absorb it.
The active flow of funds at the protocol level is underpinning this price trend. Since HIP-3 introduced traditional assets such as stocks and commodities, related markets have accounted for nearly 48% of trading volume over the past 30 days, with cumulative trading volume exceeding $514 billion. Meanwhile, under the AQAv2 mechanism, reserve yields continue to feed into buybacks, providing a steady source of organic buying demand.
However, with spot supply arriving all at once, it remains uncertain whether buybacks from the business side can quickly offset potential selling pressure. Large unlocks often involve complex fund movements: staking, over-the-counter absorption, and derivatives hedging can all affect the pace of selling. For now, the key indicators to watch are the depth of buy orders in the order book and any unusual large transfers on-chain. These will help reveal whether the newly unlocked tokens will be held for the long term or quietly sold off amid high liquidity.
The active flow of funds at the protocol level is underpinning this price trend. Since HIP-3 introduced traditional assets such as stocks and commodities, related markets have accounted for nearly 48% of trading volume over the past 30 days, with cumulative trading volume exceeding $514 billion. Meanwhile, under the AQAv2 mechanism, reserve yields continue to feed into buybacks, providing a steady source of organic buying demand.
However, with spot supply arriving all at once, it remains uncertain whether buybacks from the business side can quickly offset potential selling pressure. Large unlocks often involve complex fund movements: staking, over-the-counter absorption, and derivatives hedging can all affect the pace of selling. For now, the key indicators to watch are the depth of buy orders in the order book and any unusual large transfers on-chain. These will help reveal whether the newly unlocked tokens will be held for the long term or quietly sold off amid high liquidity.