HYPE’s $329M unlock leaves the sell-pressure trigger unknown

The headline number on HYPE’s next unlock is $329M. The trade-defining detail is how the buyer handles the tokens. Hyperliquid Labs is unstaking 3.75 million HYPE, worth roughly $329 million. Co-founder iliensinc said the full batch is headed to one institutional buyer through an OTC transaction. Public speculation currently centers on two names, but neither has been confirmed. One theory points to Intercontinental Exchange, the parent of the NYSE, after CEO Jeffrey Sprecher publicly praised Hyperliquid and said his team had met its founders. Another points to Hyperliquid Strategies, the listed HYPE treasury vehicle, after reports of a separate 1.9 million HYPE purchase shortly before the unlock. That reported amount does not match the 3.75 million-token OTC block, so neither theory identifies the buyer. The tokens are expected to arrive after October 7. The buyer’s identity and lock-up terms remain undisclosed. An exchange-wallet transfer followed by selling would make the supply risk observable. Holding or restaking would leave it unconfirmed. Meanwhile HYPE traders are still very much bullish over the last 7 days and believe that we will finally push above the 3-digit price cap. https:\/\/app.coinmarketman.com\/hypertracker\/perps\/HYPE