Hyperliquid Unlocks $60M in HYPE Tokens for Developers

Hyperliquid unlocked $60M in HYPE tokens for developers, but most tokens are being hodled or re-staked, limiting selling pressure.

Only 23% of unlocked HYPE was sold via OTC; the majority remains staked or held, showing long-term confidence from the team.

HYPE price may rise above $39 if bulls break the 20-day EMA, despite minor market dips from token unlocks.

Hyperliquid triggered market attention on Saturday by unlocking 1.75 million HYPE tokens for its developers and core contributors, valued at over $60.4 million. The move follows the project’s predefined vesting schedule, confirmed by pseudonymous developer iliensinc

Unlike many crypto projects, Hyperliquid has never raised external capital, meaning no investor unlocks will pressure the market. The unlock comes nearly a year after the landmark token generation event (TGE), which distributed approximately 270 million tokens in what remains one of the largest airdrops in history, worth about $9.5 billion today.

The token release prompted some concern over potential selling pressure, contributing to a roughly 4.6% decline in HYPE’s market price. However, early distribution data suggests a more measured impact than feared.

According to kirbycrypto.hl, the largest founder-tier wallet received 170,619 HYPE, senior-tier contributors received 1,049,986 HYPE across 14 wallets, and mid-tier wallets received 99,998 HYPE across two accounts. Smaller wallets and remaining team members collectively unlocked about 425,000 HYPE. Hence, distribution remained relatively balanced across tiers.

Post-Unlock Actions Highlight Hodling and Re-Staking

Post-unlock, actions taken by wallet holders indicate limited immediate selling. Ten wallets offloaded 609,100 HYPE (23.4%) via OTC to Flowdesk. Meanwhile, four wallets re-staked 234,600 HYPE (9%) and 15 wallets held 902,000 HYPE unchanged

Additionally, the team re-staked 854,254 HYPE (33%) through Hyperlabs. Consequently, hodling and re-staking outweigh sales, suggesting future unlocks may apply lower downward pressure than anticipated.

Arthur Hayes cautioned, “Even if the team pinky swears to not sell, there is nothing holding them to that.” Similarly, market expectations already factor in potential daily selling pressure.

Technical analysis from SKYBEE indicates that bulls have defended the 20-day EMA ($36.54), and a break above this level could see HYPE reach $39.12, $44, and possibly $51.50, despite anticipated resistance at the 50-day SMA.

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