HYPE fell 4% to $87, team launched $330 million token trade

Hyperliquid Labs 完成 375 万枚 HYPE 代币解锁，价值约 3.3 亿美元

Hyperliquid Labs 已完成为期七天的 375 万枚 HYPE 代币解锁过程，这些代币总价值约为 3.3 亿美元。此举使得与私人机构场外交易（OTC）协议相关的代币得以在不同钱包间转移。

本周，Hyperliquid Labs 完成了针对该笔机构场外交易的 375 万枚 HYPE 代币的解锁工作。链上数据分析平台 Onchain Lens 追踪显示，187.5 万枚 HYPE 代币分布在五个钱包中，每个钱包最初接收了 37.5 万枚代币。随着分发在周三开始，新的链上数据显示有 125 万枚 HYPE 被重新质押。

根据 CoinGecko 的数据，HYPE 当前交易价格为 87.07 美元，日内下跌 4.32%，七日跌幅为 2.10%。

否认机构买家身份

周四，Hyperliquid Strategies 首席执行官 David Schamis 否认其公司购买了这 375 万枚 HYPE 的场外分配额度。

Onchain Lens 此前于 10 月 7 日报道称，这些代币已到达 Hyperliquid Labs 的现货余额中，随后 187.5 万枚 HYPE 被发送至五个地址。每个钱包最初接收了 37.5 万枚代币，占 375 万枚分配总额的一半。

Tracking data showed the tokens were linked to an over-the-counter (OTC) agreement with an undisclosed institution and promised not to be sold directly through the open market. OTC trading allows both parties to arrange transfers privately without having to place the entire order in the order book on a public exchange.

Token distribution and re-pledge dynamics

"Hyperliquid Labs starts distributing HYPE OTC quotas worth US$330 million"

After seven days of waiting, the unlocking of 3.75 million HYPEs (worth approximately US$330 million) has been completed, and the tokens have now been credited to Hyperliquid Labs 'spot balance. These tokens will be sold on the open market. Instead, the Hyperliquid Labs team has arranged... --Onchain Lens (@OnchainLens) October 7, 2026

Earlier reports linked the deal to Hyperliquid's October team assignments. FinanceFeeds reported that Hyperliquid co-founder iliensinc stated in the Discord project that all 3.75 million token blocks are covered by institutional over-the-counter arrangements. The buyer, negotiated prices and any restrictions on resale of tokens were not disclosed.

HYPE tokens are moved again after arriving in five wallets

The first five transfers do not represent the final destination of the entire allocation. Lookonchain later reported that after the initial distribution began, 1.25 million HYPE units worth approximately $110.57 million (based on tracker quotes) had returned to pledged status.

According to the tracker, another 1.875 million HYPEs remain in wallet 0x8757, while 625,000 HYPEs worth approximately $55 million are stored in another address. Coupled with the re-pledged 1.25 million tokens, these positions constitute the original 3.75 million HYPE blocks.

Another update from Lookonchain stated that tokens sent through five wallets were then aggregated and linked the primary receiving address to potential institutional buyers. Trackers describe this connection as based on beliefs about the trading trajectory rather than confirmation of the institution.

The latest wallet activity means that the first five addresses should not be automatically described as five separate end buyers. On-chain records show the token's movement path, but they do not by themselves reveal the beneficial owner or business agreement behind the address.

Hyperliquid's seven-day unlock period ends

The time point for transfer complies with Hyperliquid's pledge rules. The official Hyperliquid document states that after a user initiates a transfer, it takes seven days to transfer HYPE from the pledged balance to the spot balance.

Hyperliquid's support documentation states that the queue lasts exactly seven days and cannot be accelerated. Unpledge from the verifier and transfer of tokens from the pledged balance to spot are two separate steps, and the seven-day countdown begins with the start of the pledge to spot transfer.

The process of these 3.75 million HYPE pieces began on about September 30 and completed on about October 7. When reports on the arrangement first emerged, the allocation was worth nearly $329 million, based on the HYPE price of nearly $87.70. This headline dollar value represents the current market value of the token rather than the disclosed over-the-counter purchase price.

There is currently no public information on whether institutional counterparties have paid discounts or premiums. Hyperliquid Labs has not publicly disclosed lock-up periods or other conditions that may restrict buyers from subsequently moving tokens.

HYPE's supply structure provides background information

HYPE's supply structure provides additional background information for the transaction. An SEC filing on HYPE investment products stated that 23.8% of the original 1 billion token supply was allocated to core contributors and continued to be attributed after the initial lock-in. Another 31% flows to users through Genesis distribution, while 38.89% is reserved for future emissions and rewards.

HYPE prices fell 4.32%

As of writing, HYPE was trading at US$87.07, down 4.32% in the past 24 hours and 2.10% in seven days.

CoinGecko data showed that HYPE trading prices were at the same level on October 8, fluctuating between $86.67 and $91.29 in the past 24 hours.

The 24-hour trading volume is approximately US$772.88 million. With a circulating supply of approximately 220 million HYPEs, the token's market value at recorded prices is approximately US$19.37 billion.

CoinGecko 的历史数据显示，HYPE 在 10 月 7 日收于 88.47 美元，此前 10 月 6 日收于 91.91 美元，10 月 5 日收于 94.15 美元。因此，下跌始于所有最新钱包移动完成之前。

现有的价格和区块链数据并未建立场外交易导致 HYPE 下跌的联系。据报道，该交易发生在公共交易所订单簿之外，且 375 万枚代币中有 125 万枚随后被重新质押。

先前的团队分配产生了不同的交易模式

此前的团队分配产生了不同的交易模式。正如 crypto.news 在报道 433,025 枚 HYPE 团队解锁时所指出的那样，HyperLabs 在八月通过 Flowdesk、OKX 和 Bybit 关联的地址移动了代币。链上监控后来显示，该批次中有 7.5 万枚 HYPE 兑换成了 USDC，证明了部分分配额确实进行了出售。

在较大的 HYPE 释放期间，“解锁”与“出售”的区别也浮出水面。在相关报道中，crypto.news 审视了价值 8.8 亿美元的 9 月 HYPE 解锁，并指出使代币可领取并不意味着全额 headline 金额会立即进入交易所。

HYPE 交易的买家仍然未知

目前有一个潜在的买家已公开排除自身。Hyperliquid Strategies 首席执行官 David Schamis 表示，他的公司并非那笔 375 万枚 HYPE 场外交易的买家。

Lookonchain 单独报道了 Schamis 于 10 月 8 日的否认，当时该交易的市场价值约为 3.2 亿美元。Hyperliquid Strategies 作为一家专注于 HYPE 的金库公司，曾引发外界猜测其可能与该区块有关。

因此，接收场外分配额的机构在公众层面仍未被识别。持有剩余 HYPE 的地址后续的移动可能会显示更多代币是返回质押、留在钱包还是流向交易所，但仅凭钱包活动无法确立买家的身份。

对于已经返回质押的 125 万枚 HYPE，另一次回到现货余额的移动将触发 Hyperliquid 的七天质押到现货等待期。协议文档说明，队列仅在持有人发起该转账时开始，且不能缩短。