HYPE falls as crypto funds queue nearly $150M in locked tokens for withdrawal

HYPE briefly fell 8% from its local highs as Multicoin Capital, Selini Capital and Galaxy Digital queued nearly $150 million of the token for withdrawals.

Key points:

Hyperliquid’s $HYPE slid to around $58 earlier on Wednesday in the face of large unstaking events initiated by crypto funds. Data obtained from hedge fund and analytics platform Block Liquidity shows Multicoin Capital holding a combined $138.78 million in staked HYPE, of which roughly 83% — about $116 million — sits in pending withdrawal. That’s as Selini Capital and Galaxy Digital have queued HYPE tokens worth $4.4 million and $29.4 million, respectively, for withdrawal. In addition, a Multicoin-linked wallet also deposited roughly 167,000 HYPE, worth $11.2 million, to Coinbase, possibly to be sold. 

As of publication, the price had recovered some of its decline, last trading hands at $59.19, according to CoinGecko data. Trading volume in the past 24 hours was more than $415.4 million.

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