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HYPE Crypto Market News
On July 22, Hyperliquid's HYPE token suffered an impact, and the price fell by about 8% from its recent high. The trigger came from a wave of de-pledges by large trading institutions, with a total of nearly US$150 million in total HYPE pending de-pledges.
Multicoin Capital is at the heart of this wave of operations, with up to US$138.78 million pledged on the token. According to analysis platform data, nearly 83% of the institution's pledged positions (approximately US$116 million) are currently waiting to be withdrawn. Two other institutions also joined in: Selini Capital lined up to release $4.4 million, and Galaxy Digital lined up to release $29.4 million. A wallet associated with Multicoin went one step further and transferred approximately 167,000 HYPEs (worth $11.2 million) to the Coinbase exchange. Transferring tokens to an exchange usually signals an imminent sell-off.
Prices have rebounded since then. According to market data, HYPE's latest trading price was approximately US$59.19, and the 24-hour trading volume exceeded US$415.4 million. Looking at the longer cycle, HYPE has fallen by about 11% this week.
The amount to be released exceeds the spot market
Tokens to be released are expected to be unlocked within 5 to 7 days. Nearly US$150 million in tokens will flood into the tradable supply, which is almost double HYPE's recent spot transaction volume. Data from the analysis platform showed that as of the morning of July 22, HYPE's spot transaction volume in about 28 hours was US$72.8 million. The ratio of buyers to sellers was 1463:982, with Wintermute leading with net purchases of more than $9 million, while the largest net seller sold $5.2 million. However, HYPE's perpetual contract market is of a completely different size, with a daily transaction volume of nearly US$400 million, far exceeding the spot market.
However, this does not confirm that a sell-off is imminent. There is still uncertainty as to whether these institutions will actually sell.
Two different reasons behind the exit
Selini Capital's divestment originated from a closed market-the HIP-3 CASH Perpetual Market operated by DreamCash. HIP-3 is the code name for Hyperliquid's improvement proposal. The market runs based on Tether's USDT, but has never been favored by users, with traders preferring to use USDC on Hyperliquid. Opening the HIP-3 market requires a pledge of 500,000 HYPEs as a deposit. If violations occur, the deposit will be confiscated; the deposit will be returned after the market is closed. Selini Capital can cash in on its withdrawn HYPE through an over-the-counter (OTC) counter.
And Multicoin Capital's plan may not involve a sell-off at all. Part of its HYPE may be used to fund a new project. A week ago, the agency led a $1.75 million seed round of funding that flowed to Trasia, an unmanaged trading platform for Asian markets that plans to launch perpetual contracts for Asian stocks. Speaking on social media about the investment, Multicoin partner Tushar Jain said Trasia is targeting users who have never been exposed to Hyperliquid. He later also refuted the rumors of "selling", saying that HYPE, which was released, did not intend to sell it.
Traders are currently closely monitoring the schedule, as the next unlock will come on July 28.
