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HYPE drops as funds queue nearly $150M in locked-token withdrawals
About $139M of staked HYPE held by Multicoin Capital includes roughly $116M in pending withdrawals, and the unlocks could weigh on liquid supply within days.
HYPE slid from local highs as several crypto funds initiated large unstaking and withdrawal queues, Cointelegraph reported. The token briefly fell about 8% earlier Wednesday as Multicoin Capital, Selini Capital, and Galaxy Digital lined up withdrawals.
According to data cited by Cointelegraph from Block Liquidity, Multicoin Capital holds a combined $138.78 million in staked HYPE, with about 83%, or roughly $116 million, marked for pending withdrawal. Selini Capital and Galaxy Digital queued additional HYPE withdrawals worth $4.4 million and $29.4 million, respectively.
Cointelegraph also noted a separate Multicoin-linked wallet deposited about 167,000 HYPE, valued at $11.2 million, to Coinbase, which it said may be sold. The outlet added that these bulk unlocks are expected to be processed in roughly five to seven days, creating an estimated nearly $150 million overhang in HYPE’s liquid supply.
As of publication, Cointelegraph said HYPE had partially recovered and last traded around $59.19, after having fallen as much as low as $57.39. The outlet cited CoinGecko data and reported HYPE trading volume over the prior 24 hours of more than $415.4 million, with spot volume far smaller at $72.8 million across about 28 hours.