HYPE falls as crypto funds queue nearly $150M in locked tokens for withdrawal
HYPE fell to around $58 on Wednesday after major unstaking requests from crypto funds. Multicoin Capital has about $138.78 million in staked HYPE, with roughly 83% — about $116 million — pending withdrawal. Selini Capital and Galaxy Digital also queued $4.4 million and $29.4 million, and a Multicoin-linked wallet deposited about 167,000 HYPE worth $11.2 million to Coinbase. The queued withdrawals will take five to seven days and could add nearly $150 million to liquid supply, far above recent spot turnover of about $72.8 million. HYPE has dropped about 11% over the past week, though price later recovered to about $59.19. Selini’s unlock appears tied to the shutdown of a HIP-3 perpetuals market, while Multicoin said its unstaked HYPE was not meant for selling and may support new ecosystem bets.
