At 8 a.m. this morning, the $339 million unlock of $HYPE went through right on schedule—but officials had said in advance that these tokens would not hit the open market.
What happened:
At 8 a.m. Beijing time on October 6, about 3.75 million HYPE (worth approximately $339 million, or 1.69% of the circulating supply) were unlocked. This was Hyperliquid Labs’ monthly unstaking operation.
The key detail was in the official statement:
Co-founder iliensinc said on the official Discord that these tokens were part of an OTC deal with an institution and would not be sold on the open market. They were to be distributed to team members on October 7. On-chain analyst Ember’s monitoring showed that the tokens were expected to be transferred to market maker Flowdesk after they arrived.
Meanwhile, hedging was also underway:
Nasdaq-listed HYPE treasury company Hyperliquid Strategies added another 1.9 million HYPE (worth $167.2 million) on October 3, bringing its total holdings to about 37 million tokens. Over the past 24 hours, the platform also bought back and burned HYPE worth $10.15 million.
My take:
An unlock doesn’t necessarily mean a sell-off. The key questions are “who gets the tokens, and how will they sell?” Three layers of cushioning—the team using OTC, the treasury company taking tokens, and platform buybacks—have helped structure expectations around selling pressure in advance. But this isn’t necessarily bullish either: 3.75 million tokens have landed in market maker Flowdesk’s hands, and market makers’ hedging activity itself can create volatility. What really matters is how well the order book absorbs the supply in the days after the unlock. To track HYPE, keep an eye on two things: any unusual activity from Flowdesk’s address, and whether the pace of platform buybacks and burns changes.
Data as of: 2026-10-05 19:30 UTC
Sources: PANews; Odaily Planet Daily
For informational purposes only; not investment advice.
#HYPE大额解锁
I’ll keep tracking events like this. Follow me so you don’t miss out. Do you usually make a point of avoiding tokens with large unlocks?
What happened:
At 8 a.m. Beijing time on October 6, about 3.75 million HYPE (worth approximately $339 million, or 1.69% of the circulating supply) were unlocked. This was Hyperliquid Labs’ monthly unstaking operation.
The key detail was in the official statement:
Co-founder iliensinc said on the official Discord that these tokens were part of an OTC deal with an institution and would not be sold on the open market. They were to be distributed to team members on October 7. On-chain analyst Ember’s monitoring showed that the tokens were expected to be transferred to market maker Flowdesk after they arrived.
Meanwhile, hedging was also underway:
Nasdaq-listed HYPE treasury company Hyperliquid Strategies added another 1.9 million HYPE (worth $167.2 million) on October 3, bringing its total holdings to about 37 million tokens. Over the past 24 hours, the platform also bought back and burned HYPE worth $10.15 million.
My take:
An unlock doesn’t necessarily mean a sell-off. The key questions are “who gets the tokens, and how will they sell?” Three layers of cushioning—the team using OTC, the treasury company taking tokens, and platform buybacks—have helped structure expectations around selling pressure in advance. But this isn’t necessarily bullish either: 3.75 million tokens have landed in market maker Flowdesk’s hands, and market makers’ hedging activity itself can create volatility. What really matters is how well the order book absorbs the supply in the days after the unlock. To track HYPE, keep an eye on two things: any unusual activity from Flowdesk’s address, and whether the pace of platform buybacks and burns changes.
Data as of: 2026-10-05 19:30 UTC
Sources: PANews; Odaily Planet Daily
For informational purposes only; not investment advice.
#HYPE大额解锁
I’ll keep tracking events like this. Follow me so you don’t miss out. Do you usually make a point of avoiding tokens with large unlocks?
