Hyperliquid Labs reportedly unlocks $330M of team HYPE in OTC distribution, half sent to five buyer wallets
Hyperliquid Labs has unstaked 3.75 million HYPE tokens worth roughly $330 million from the hyperliquid:native team allocation, described as its largest distribution yet, according to @KookCapitalLLC and @BSCNews citing Crypto Briefing. Half of the unlocked tokens, 1.875 million HYPE, has already reached five OTC buyer wallets after a seven-day unbonding period, and the team says the tokens are tied to an institutional OTC agreement and will not enter public markets. @KookCapitalLLC adds that none of the unlocked HYPE went through the order book, the receiving wallet staked 1.25 million HYPE within hours, and trader Machi opened a $2.2 million long on HYPE, with the token trading near $87.
Hyperliquid Labs has unstaked 3.75 million HYPE tokens worth roughly $330 million from the hyperliquid:native team allocation, described as its largest distribution yet, according to @KookCapitalLLC and @BSCNews citing Crypto Briefing. Half of the unlocked tokens, 1.875 million HYPE, has already reached five OTC buyer wallets after a seven-day unbonding period, and the team says the tokens are tied to an institutional OTC agreement and will not enter public markets. @KookCapitalLLC adds that none of the unlocked HYPE went through the order book, the receiving wallet staked 1.25 million HYPE within hours, and trader Machi opened a $2.2 million long on HYPE, with the token trading near $87.
Key facts
- Hyperliquid Labs unstaked 3.75 million HYPE tokens worth roughly $330 million from the hyperliquid:native team allocation, per @KookCapitalLLC and @BSCNews citing Crypto Briefing.
- The distribution is described as Hyperliquid's largest yet, per Crypto Briefing via @BSCNews.
- Half of the unlocked allocation, 1.875 million HYPE, has reached five OTC buyer wallets, each receiving 375,000 HYPE after a seven-day unbonding period ended, per @BSCNews.
- The remaining 1.875 million HYPE tokens have not yet been distributed, per @BSCNews.
- Hyperliquid says the unlocked tokens are tied to an institutional OTC agreement and will not enter public markets, per @BSCNews.
- None of the unlocked HYPE went through the order book; it was all transferred over the counter, per @KookCapitalLLC.
- The wallet that received the unlocked HYPE staked 1.25 million HYPE within hours, per @KookCapitalLLC.
- HYPE traded around $87 after the unlock, roughly level with the unlock price, per @KookCapitalLLC; an attached Bybit HYPEUSDT daily chart shows a close of 87.33, down 1.33%.
- Trader Machi opened a $2.2 million long position on HYPE, per @KookCapitalLLC.
- Hyperliquid Labs unstaked 3.75 million HYPE tokens worth roughly $330 million, described as its largest distribution yet (per Crypto Briefing via @BSCNews).
- Half of the unlocked allocation, 1.875 million HYPE, has already reached five OTC buyer wallets, each receiving 375,000 HYPE after a seven-day unbonding period ended.
- The remaining 1.875 million HYPE tokens have not yet been distributed.
- Hyperliquid says the tokens are tied to an institutional OTC agreement and will not enter public markets.
Sources · 2 sources
- BS
BSCN@BSCNewsPost on X ·
Hyperliquid Unlocks $330M HYPE in its Largest Distribution Yet Hyperliquid (@HyperliquidX) Labs has unstaked 3.75 million hyperliquid:native tokens worth roughly $330 million. Half of the allocation has already reached five OTC buyer wallets. Each wallet received 375,000 HYPE after the seven day unbonding period ended. The remaining 1.875 million tokens have not yet been distributed. The team says the tokens are tied to an institutional OTC agreement and will not enter public markets. Source: Crypto Briefing
Open source - KO
kook@KookCapitalLLCPost on X ·
hyperliquid labs just unlocked $330m of hyperliquid:native for the team none of it went through the order book..... it all went otc the receiving wallet staked 1.25m $HYPE within hours and $HYPE is still $87, basically where it unlocked machi just opened a $2.2m long on top the unlock everyone was scared of came and went $100 is next
Open source