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Following
HYPE Hyperliquid's local token HYPE maintained its upward trend despite expected selling pressure after a planned unlock of approximately US$820 million. HYPE once fell back to US$81.82 on September 9, and then climbed again and broke through the US$86 mark, bringing the token price close to a record high of US$89.
Why is HYPE not affected by unlocking?
HYPE's performance was remarkable because approximately 9.92 million HYPEs were scheduled to be unlocked on June 6, when the total value of these tokens was approximately US$820 million. However, there was no large-scale selling wave in the market.
So why is HYPE still strong when hundreds of millions of dollars in potential supply enters the market? The first thing to be clear is that "unlocking" is not the same as "selling everything." The 9.92 million HYPEs unlocked on June 6 represent a share of tokens reserved for core contributors, and do not require all tokens to be transferred to the exchange for sale at the same time. Historical data also supports this distinction: of the similar 9.92 million HYPE unlocks in March, only 173,217 were extracted, accounting for only 1.75%. Therefore, viewing $820 million directly as a sell-off entering the market may be misleading.
Where do HYPE requirements on Hyperliquid come from?
The resilience of HYPE prices is largely due to trading activity on the Hyperliquid platform. The total open interest on the platform has reached US$14.3 billion, near a record high, with the majority of it made up of Hyperliquid's core perpetual contract market.
Open interest reflects the size of the total outstanding positions in the futures market. The increase in this data indicates that trading activity and positions on the platform are expanding. Therefore, while offsetting the potential selling pressure on HYPE, the strong trading demand generated by the agreement itself played a key supporting role.
Hyperliquid's continued destruction of HYPE's
platform revenue mechanism has also had a direct impact on HYPE. In the past 24 hours, Hyperliquid purchased and destroyed 15,350 HYPE units worth approximately $1.32 million at an average price of $86.17. As of now, the cumulative number of HYPE destroyed has reached 48.45 million, accounting for about 4.84% of the largest supply. This means that part of the platform's trading revenue is being transformed into buying and destroying power for HYPE.
Why is $90 so important to HYPE?
HYPE faces key technology areas in the US$88 -90 range. The region has previously encountered selling pressure. If the daily closing price stabilizes above US$90, the next target will be US$95 or even US$100. Support below focuses on the US$82 -83 range; if the four-hour close below US$83, the recent low of US$81.82 could be retested. Therefore, observing the performance of prices at key support and resistance levels is of great significance to judging whether the supply pressure caused by unlocking has really intensified.
Will the supply of 820 million HYPE units fully enter the market?
HYPE's recent trend shows that it is not enough to just focus on the unlock numbers on the calendar. Although the theoretical value of 9.92 million HYPEs is approximately US$820 million, historical data shows that not all tokens of similar size have entered the market. At the same time, active transactions on Hyperliquid and the continued HYPE repurchase destruction mechanism are also balancing supply pressures. Therefore, the follow-up needs to focus on the actual number of tokens flowing into the market, the proportion flowing to the exchange, and whether buying orders can effectively absorb these supplies.
This content is based on general market data and does not constitute investment advice. Readers are advised to study on their own.
