Hyperliquid\u2019s native token, HYPE, dropped over 8% to touch intraday lows of $57.39 before staging a modest rebound to $59.19, driven by an influx of unstaking requests from high-profile institutional investors totaling nearly $150 million.<\/p>\n
Data from institutional flow tracker Block Liquidity reveals that venture firm Multicoin Capital initiated pending withdrawals for roughly $116 million worth of HYPE\u2014representing approximately 83% of its total $138.78 million staked position. Additional unbonding requests emerged from Galaxy Digital<\/a>, which queued $29.4 million, and Selini Capital, which queued $4.4 million. In a separate transaction, a wallet linked to Multicoin Capital transferred 167,000 HYPE tokens, valued at approximately $11.2 million, to exchange platform Coinbase<\/a>.<\/p>\n The sudden accumulation in the unbonding queue has introduced a significant supply overhang for HYPE, which enforces a five-to-seven-day protocol waiting period before staked assets become fully liquid. Market participants expressed concern primarily due to the severe imbalance between the upcoming token unlocks and the spot market’s constrained depth. While perpetual futures contract volumes for HYPE regularly exceed $400 million daily, spot trading activity recorded just $72.8 million across a 28-hour monitoring period. Market maker Wintermute emerged as the largest spot accumulator during the dip, absorbing over $9 million in net purchases according to trade data monitored by CoinGecko<\/a> and on-chain analytics.<\/p>\n