Hyperliquid native token $HYPE will see a large unlock on October 6: about 9.92 million tokens allocated to core contributors, roughly 1% of the total supply and about 4.5% of the circulating supply. At an estimated $90.5 per token in the morning of October 5, this batch is valued at about $900 million— the largest single planned unlock in the October market by total market scale. An unlock doesn’t necessarily mean a sell-off. How much actually flows into the market depends on whether contributors transfer the tokens to exchanges after claiming them.
On the other side of the on-chain picture, Hyperliquid’s biggest HYPE long address still hasn’t gotten out. This address holds a 5x leveraged long position of roughly 1.38 million HYPE, with an average opening price of $38.68. As of the morning of October 5, the position value was about $125 million, with an unrealized profit of about $71 million. The liquidation price is around $76.34, and it has already paid about $6.3 million in funding fees in total. It opened long positions worth about $40 million roughly 5 hours before Robinhood announced it would list HYPE spot on October 23, 2025, which is why the community calls it the “insider whale ahead of the listing.”
For the buy-side, on October 3 Hyperliquid received its first AQAv2 reserve earnings of about 14.58 million $USDC (corresponding to August 26 to September 24). The funds were transferred to a support fund, to be used to buy back and burn HYPE. Binance launched HYPE spot trading on September 24 and added a “seed” tag; order-book fluctuations before and after the unlock may be amplified.
#HYPE #Hyperliquid #代币解锁 does not constitute investment advice
On the other side of the on-chain picture, Hyperliquid’s biggest HYPE long address still hasn’t gotten out. This address holds a 5x leveraged long position of roughly 1.38 million HYPE, with an average opening price of $38.68. As of the morning of October 5, the position value was about $125 million, with an unrealized profit of about $71 million. The liquidation price is around $76.34, and it has already paid about $6.3 million in funding fees in total. It opened long positions worth about $40 million roughly 5 hours before Robinhood announced it would list HYPE spot on October 23, 2025, which is why the community calls it the “insider whale ahead of the listing.”
For the buy-side, on October 3 Hyperliquid received its first AQAv2 reserve earnings of about 14.58 million $USDC (corresponding to August 26 to September 24). The funds were transferred to a support fund, to be used to buy back and burn HYPE. Binance launched HYPE spot trading on September 24 and added a “seed” tag; order-book fluctuations before and after the unlock may be amplified.
#HYPE #Hyperliquid #代币解锁 does not constitute investment advice
