HYPE falls 8% as Multicoin Capital, Galaxy Digital, and Selini Capital queue $150M for unstaking

Hyperliquid’s native token HYPE dropped roughly 8% over the past day, landing near $58, after three major institutional players signaled they were done staking. Multicoin Capital, Galaxy Digital, and Selini Capital collectively queued close to $150 million worth of HYPE tokens for unstaking. Who’s pulling what, and why Multicoin Capital is the biggest mover here, initiating the unstaking of approximately 1.96 million HYPE tokens valued at around $120 million. The firm had held those tokens staked for roughly two months before deciding to unwind the position. Selini Capital queued a comparatively modest 504,000 HYPE tokens for unstaking, worth between $31 million and $31.7 million. Selini’s move appears tied to a specific business decision: the firm is shutting down the Dreamcash perpetuals market on Hyperliquid. Galaxy Digital rounds out the trio, though the specifics of its unstaking position haven’t been broken out as granularly. Together, the three firms account for the roughly $150 million figure that spooked markets. How Hyperliquid’s unstaking actually works Hyperliquid’s unstaking process involves a queued withdrawal system, typically extending over a seven-day period with l...