Nearly $150 million worth of Hyperliquid's HYPE tokens are lined up for withdrawal, a figure almost twice the daily spot market volume. This large queue has weighed heavily on the token's price, which dropped about 8% to roughly $58 before rebounding slightly to $59.19.
Major players fueling this withdrawal include Multicoin Capital with $116 million pending out of $138.78 million staked, Selini Capital with $4.4 million, and Galaxy Digital holding $29.4 million queued for exit. A wallet linked to Multicoin also moved $11.2 million in HYPE tokens to Coinbase.
Hyperliquid’s daily trading volume has surged to over $415 million, well above the $72.8 million spot market volume recorded over the preceding 28 hours. Despite this, selling pressure remains significant, with Wintermute emerging as the largest net buyer at over $9 million. The HYPE token has tumbled 11% in a week, the worst showing among the top 10 cryptocurrencies during this period.
Technical analysis from CryptosBatman highlights a breakdown below the 50-day moving average after a six-month rally, signaling potential further declines towards $55, matching key Fibonacci and support levels.
Selini Capital’s withdrawal is linked to the closure of a HIP-3 CASH perpetuals market, which required staking 500,000 HYPE as collateral. This stake is refunded upon market shutdown, possibly explaining their movement. Multicoin’s withdrawal plans remain unclear, as their representative denied intentions to sell, citing an unlock date on July 28.
These developments add to ongoing market dynamics affecting HYPE’s liquidity and price action.
