HYPE falls as crypto funds queue nearly $150M in locked tokens for withdrawal

Key points: Funds queue ~$150M of HYPE for unstaking, $116M from MulticoinHYPE falls 8% to ~$58; withdrawals dwarf thin spot marketSale intent unclear — Jain denies selling, Selini exit tied to HIP-3 shutdownHyperliquid’s $HYPE slid to around $58 earlier on Wednesday in the face of large unstaking events initiated by crypto funds. Data obtained from hedge fund and analytics platform Block Liquidity shows Multicoin Capital holding a combined $138.78 million in staked HYPE, of which roughly 83% — about $116 million — sits in pending withdrawal. That’s as Selini Capital and Galaxy Digital have queued HYPE tokens worth $4.4 million and $29.4 million, respectively, for withdrawal. In addition, a Multicoin-linked wallet also deposited roughly 167,000 HYPE, worth $11.2 million, to Coinbase, possibly to be sold. As of publication, the price had recovered some of its decline, last trading hands at $59.19, according to CoinGecko data. Trading volume in the past 24 hours was more than $415.4 million. Withdrawal queue dwarfs daily spot turnoverThese bulk unlocks will be processed in five-to-seven days and will result in a nearly $150 million overhang in HYPE’s liquid supply. While perpetuals f...