HYPE Under Pressure: Crypto Funds Queue $150M in Token Withdrawals
Hyperliquid’s HYPE token faced an 8% price dip as major institutional players, including Multicoin Capital and Galaxy Digital, queued nearly $150 million in staked tokens for withdrawal. This massive unstaking event highlights a significant shift in liquidity as hedge funds prepare to exit their locked positions.
Data from Block Liquidity indicates that Multicoin Capital alone accounts for roughly $116 million in pending withdrawals. The market remains on high alert following reports of HYPE transfers to Coinbase, suggesting potential sell-side pressure, even as trading volumes surge past $415 million in a bid to absorb the volatility.
Adding to the volatility, a Multicoin-linked wallet deposited approximately 167,000 HYPE (worth $11.2 million) to Coinbase, a move often interpreted as preparation for a sale. Despite the heavy withdrawal queue, the price showed signs of recovery, trading around $59.19 with a 24-hour trading volume exceeding $415.4 million.
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