Hyperliquid faces its largest unlock tomorrow, this time moving where it missed touch in August.

Quick overview of

1. Hyperliquid will unlock 14,175,778 HYPEs worth approximately US$1.2 billion on August 29, the largest monthly unlock since it was launched in November 2024, accounting for approximately 1.4% of the total supply.

2. Insiders and early investors received 46.6% of the unlocked share, the community received 46.3%, and the Hyper Foundation received 7%. This allocation is significantly different from the unlocked situation on August 6.

3. HYPE is currently trading at $81.95, down 3.28% on the day, but still rose 8.33% during the week, having hit a record high of more than $83 earlier this week.

Hyperliquid's largest planned token unlock will take place on August 29, just three days after HYPE hit a record high. The event will release 14,175,778 tokens to the market, worth approximately US$1.2 billion at current prices, and the flow of these tokens is more critical than the total amount unlocked.

According to data, HYPE's trading price was US$81.95, down 3.28% in 24 hours. The overall market performance was weak, with 87 components in the QC100 index falling, and the total market value of cryptocurrencies falling to US$2.64 trillion.

How big will the Hyperliquid unlock on August 29?

14,175,778 HYPEs, accounting for approximately 1.4% of the total supply of 1 billion yuan, equivalent to approximately 2.7% of the current market value, and worth approximately US$1.2 billion.

This is the largest monthly unlock for Hyperliquid since the token launch in November 2024. Since then, the project has followed a fixed schedule, releasing a portion of the tokens to three recipient groups each month. The unlocking schedule is announced by the project party and tracked by the aggregation platform. However, the relevant data is often contradictory, so the official unlocking document is still an authoritative source.

Who will receive these tokens?

Insiders received the largest share, accounting for 46.6%, communities received 46.3% through grants, awards and airdrops, and the Hyper Foundation received 7%.

Token unlocking means that previously locked tokens are released into circulation as planned, and its impact on the price depends more on who the recipient is than on the quantity released. Tokens that enter the treasury or foundation wallets do not carry seller pressure, while tokens that belong to early investors are different because funds have return targets and redemption cycles.

This difference has been emphasized in every previous unlocking analysis, but this time the situation is different from the conclusion reached three weeks ago.

How does it compare to the unlock on August 6?

The recipients are different, so that's the whole comparison.

On August 7, the market was worried about Hyperliquid's last unlock and regarded it as a US$620 million event. However, the actual amount released was only about US$22.65 million, a small portion of what was allowed in the plan. HYPE rose 0.7% the next day. It was pointed out at the time that the shadow of market concerns far outweighed the actual impact, and a soft landing was a model rather than a guarantee.

The August 29 unlock will test this view. Shares gained by early investors have historically been accompanied by seller pressure, and their dollar value is about twice the August data and the price is 47% higher.

Two points should be noted in this regard: First, unlocking is the release of tokens rather than a direct sale, and the recipient does not need to take immediate action; second, monthly unlocking events have continued to occur since the launch and are expected supply, which is usually priced by the market before it actually occurs.

How has the market performed after Hyperliquid was unlocked?

The results are inconsistent and have no obvious direction. HYPE fell 14.1% after unlocking in May, rose 1% in June, and fell 7% in July.

This record is the most effective reference for setting expectations. Three of the past four monthly unlocks have led to declines, one has slightly increased, and none has collapsed. A token can absorb nine consecutive monthly unlocks while climbing from single digits to above $80, indicating that the market does not view it as a structurally fragile asset. However, it should be noted that this unlock exceeds any previous time in terms of the number of tokens and the value of US dollars.

Why was HYPE close to historical highs before unlocking?

Two catalysts appeared last week, and neither of them were fully implemented.

President Trump said the CFTC is working to bring Hyperliquid into the U.S. market in a compliant manner, opening up prospects for markets previously completely excluded from the agreement. In addition, Coinbase has used Hyperliquid infrastructure to add 50 times to perpetual contracts in its Base applications, further promoting the protocol's integration into mainstream trading tracks.

Regulatory matters are currently only a statement rather than a rule, and no timetable has been announced. Any pricing that treats this as a given fact is pricing results that have not yet occurred. Any formal action will first appear on the official website of the relevant regulatory agency before the comments appear.

What key price points should I focus on during unlocking?

The historical high above is about US$83.50, and the support area of US$74 to US$76 below is the line of defense that buyers have been holding during this round of gains.

If unlocking is absorbed by the market in a similar way as in the past, the key question is whether HYPE can establish a range above $80, not whether it can survive the day. If insider sell-off does occur, the $74 to 76 area will test the depth of market buying. Watching whether unlocked tokens flow to the exchange-which can be viewed online-makes more sense than focusing on the countdown.

Summary

Hyperliquid will release 14.18 million HYPEs on August 29, worth approximately US$1.2 billion, of which 46.6% will flow to insiders and early investors. This is structurally completely different from the unlocking that was successfully implemented on August 6, and the largest since its launch.

One point repeatedly emphasized is that the unlock size is the least informative number in the announcement. What really needs to be paid attention to is the allocation ratio of recipients, and this allocation points in different directions. This does not guarantee that prices will fall, and the nine previous unlocks show that the market has learned to absorb these supplies. But this means that August's soft landing is not a replicable template.

This article is for reference only and does not constitute investment advice. Cryptographic assets fluctuate very much and you may lose all your principal. Please be sure to study it yourself.