HYPE drops 4% to $87 as team starts $330M token deal
crypto.newsOlivia Stephanie
Hyperliquid Labs has completed the seven-day unstaking of 3.75 million HYPE worth roughly $330 million, allowing tokens tied to a private institutional deal to begin moving across wallets. Hyperliquid Labs completed unstaking 3.75 million HYPE earmarked for an institutional over-the-counter transaction this week. Onchain Lens tracked 1.875 million HYPE moving through five wallets, each receiving 375,000 tokens initially. Newer on-chain tracking shows 1.25 million HYPE was restaked after the distribution began on Wednesday. HYPE trades at $87.07, down 4.32% daily and 2.10% over seven days, CoinGecko data shows. Hyperliquid Strategies CEO David Schamis denied his company bought the 3.75-million-HYPE OTC allocation on Thursday. Onchain Lens reported on Oct. 7 that the tokens had reached Hyperliquid Labs' spot balance, with 1.875 million HYPE subsequently sent across five addresses.
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