Today, HYPE core contributors unlocked about 9.92 million tokens, with a notional value of nearly $800 million. According to public discussion, the historical claim rate for similar events is only about 1.75%, so the actual sell pressure may be far smaller than the headline number.
On the other side, market signals are conflicting: whales withdrew 97,700 tokens from four centralized exchanges, worth about $8.25 million; the protocol bought back and burned 9,730 tokens within 24 hours. Bitwise's BHYP, however, has not bought in for four consecutive days, even though 30 institutions have already disclosed Hyperliquid ETF holdings.
Money is flowing on-chain on one side, while the market fears the unlock will trigger a dump on the other. Will the amount claimed 48 hours from now make the dump narrative fall apart first?
On the other side, market signals are conflicting: whales withdrew 97,700 tokens from four centralized exchanges, worth about $8.25 million; the protocol bought back and burned 9,730 tokens within 24 hours. Bitwise's BHYP, however, has not bought in for four consecutive days, even though 30 institutions have already disclosed Hyperliquid ETF holdings.
Money is flowing on-chain on one side, while the market fears the unlock will trigger a dump on the other. Will the amount claimed 48 hours from now make the dump narrative fall apart first?