HYPE falls as crypto funds queue nearly $150M in locked tokens for withdrawal
HYPE briefly fell 8% from its local highs as Multicoin Capital, Selini Capital and Galaxy Digital queued nearly $150 million of the token for withdrawals.
Key points:
Hyperliquid’s HYPE token slid to around $58 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.