HYPE Token Plunge: $150M in Staked Tokens Set for Withdrawal, Shaking Markets

The HYPE token in the Hyperliquid ecosystem has dropped 8% amid withdrawals of nearly $150 million in staked tokens by Multicoin Capital, Selini Capital, and Galaxy Digital. According to Block Liquidity data, Multicoin Capital's $138.78 million HYPE stake has 83% ($116 million) pending withdrawal, while Selini Capital and Galaxy Digital have queued $4.4 million and $29.4 million in HYPE tokens, respectively. Additionally, a Multicoin-linked wallet deposited around 167,000 HYPE ($11.2 million) on Coinbase, possibly for sale. HYPE's price has dipped to $58, but 24-hour trading volume exceeded $415.4 million. The bulk unstakes could create significant liquidity pressure in HYPE's spot market. Selini Capital's unstaking appears tied to the shutdown of DreamCash's HIP-3 CASH perpetual markets. Meanwhile, Multicoin Capital is redirecting HYPE to a new deployment after leading a $1.75 million seed round for Trasia, an Asia-focused trading platform. HYPE has fallen 11% over the past week but remains below its recent highs.

Markets should monitor closely: HYPE's liquidity market may face short-term strain from the unstakes, while long-term absorption by new HIP-3 deployments will be a key factor.