HYPE dropped 8% from recent local highs after three major crypto funds moved to unlock large positions in the token.
Multicoin Capital, Selini Capital and Galaxy Digital together queued roughly $150 million worth of locked HYPE tokens for withdrawal, triggering the sell-off.
The move signals that at least some institutional players are eyeing the exit, and the market reacted fast. Eight percent in a single session is a sharp reminder of how thin liquidity can get when big names line up at the door at the same time.
HYPE had been holding near local highs before the news broke. The withdrawal queue itself doesn't mean an immediate sale, but the overhang is enough to spook traders watching the order book.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
