Hyperliquid Volume Falls 32% After HYPE Token Unlock

Key Insights

• Hyperliquid volume dropped 32% after the team unlocked 1,745,746 HYPE.
• Wallet data shows most tokens were held or restaked, with limited OTC sales.
• Community revisits Hyperliquid’s growth story as the unlock draws attention.

Hyperliquid volume dropped 32% recently after the team behind the project unlocked 1,745,746 HYPE.

Notably, the unlock took place on the TGE anniversary and shifted attention to trading activity in the community.

These wallet movements, and how the added supply might shape market behavior, are now under conversation in the broader market.

HYPE Price and Volume Slip After the Unlock

Hyperliquid continued to draw attention as the HYPE price moved around $33.02 while the market cap stood near $11.11 billion.

The fall in volume came at a time when traders were already watching daily movements closely.

As detailed, the decline put the token in focus as market participants tried to understand how the unlock might influence liquidity in the short term.

It is worth noting that the unlock added new tokens into the market, which often leads to questions about selling pressure.

The effect on trading was visible as activity slowed. Market watchers followed the numbers to see if the drop in volume would stabilize or extend into later sessions.

Some traders pointed to the timing of the unlock, which landed on the anniversary of the token generation event.

This made the movement more noticeable because many community members were already reviewing the project’s earlier milestones.

Interest in the price shift grew as some users waited to see if the token would find support or drift lower.

The wider market did not show major changes during the same period, so attention remained on Hyperliquid and the direct effect of the unlock.

How the Team Unlocked and Managed the Tokens

It is important to add that the team unlocked exactly 1,745,746 HYPE across several wallets.

The largest founder-tier wallet received 170,619 HYPE while senior-tier wallets held 1,049,986 HYPE.

Mid-tier wallets received 99,998 HYPE. Smaller wallets gained about 30,000 HYPE each, while nine more wallets held a total of 395,406 HYPE.

Team actions differed after the tokens became available. Ten wallets sent 609,100 HYPE to Flowdesk through OTC trades.

This made up 23.4% of the unlocked amount and four wallets restaked 234,600 HYPE.

Fifteen wallets kept 902,000 HYPE without any movement. Hyperlabs also restaked 854,254 HYPE as part of its internal holdings.

These actions drew interest because the majority of tokens were held or restaked. A smaller part of the unlocked batch went into OTC trades.

This pattern might shape expectations about future unlocks. If later cycles follow the same trend, selling pressure could remain lower than many traders fear during unlock periods.

The breakdown also showed how different member tiers handled their allocations, giving observers a clearer view of internal behavior.

Discussions around the unlock brought renewed interest in the wider Hyperliquid story.

Community members, including Filthy revisited how the project began after the collapse of FTX in 2022.

The team built the exchange without venture backing, without heavy promotion, and with a small group of engineers.

Users also highlighted the size of the airdrop, which stood at $9.5 billions based on today’s value.

They pointed to the exchange’s annualized revenue, which ranged between $1 billion and $1.3 billion.

The buyback rate of 97% through the assistance fund also became part of the conversation.

Still, these details resurfaced as users compared the project’s long-term path with the latest unlock.

The team’s decision to stay quiet on social platforms remained part of the broader narrative.

Many users linked this to the project’s focus on development over public activity.

The addition of HIP-3 markets and the move toward equities trading further shaped community views.

The unlock kept Hyperliquid under close watch, as traders looked at HYPE price moves, wallet actions, and how the next cycles might unfold.