Several large addresses initiated HYPE unstaking on September 24, according to TradingBeats monitoring. According to BlockBeats On-chain Detection, after excluding the Kinetiq staking management address, five addresses started unstaking a combined 983,600 HYPE, worth about $90.44 million.

The addresses included 0x8b...d914, which began unstaking 391,800 HYPE; 0x0a...b0ad, which unstaked 209,600 HYPE; 0x15...d3fd, which unstaked 146,400 HYPE; 0x55...c32a, which unstaked 135,700 HYPE; and 0xd2...8321, which initiated unstaking of 100,100 HYPE across six transactions. These actions only marked the start of the unstaking process and did not mean the tokens had returned to tradable balances.

Hyperliquid’s native staking process requires users to first unstake from validators and then transfer funds from Staking Balance to Spot Balance. The waiting period is seven days, after which HYPE enters spot balance. As a result, the tokens cannot currently be sold, transferred, or restaked. The five verifiable addresses began the process at around 12:33 on September 24, and the unlock is expected at the same time on October 1.