Key Takeaways:
HYPE fell 7.31% to $58.12 after Multicoin Capital unstaked 1.96 million tokens worth $120 million, the largest single unstaking event on the Hyperliquid network in recent weeks.
Onchain Lens reported that Multicoin Capital unstaked 1.96 million HYPE across three wallets — 0x57c6d4bd52f592a265f59b595a905b04c848174b, 0xab319403e72c5e97c65ef70031bab8827efc5297, and 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10 — with the tokens having been staked for nearly two months. The firm subsequently deposited 395,570 HYPE worth $23.78 million into Coinbase Prime, according to Lookonchain, suggesting it was preparing to sell. Multicoin Capital's remaining position on HYPE is sitting on roughly $18 million in profit.
The selling pressure extends beyond a single firm. Selini Capital unstaked roughly 504,000 HYPE worth about $31 million over a similar period, while Hyperscreener data shows over 4.09 million HYPE worth $241 million currently pending unstake across the network. Spot HYPE ETFs recorded a net outflow of 11,210 HYPE on July 21, with the largest monthly outflow of 90,580 HYPE occurring on July 17, according to the latest data. Although the market saw a few days of positive inflows, they were insufficient to offset the broader selling pressure.
Not all large holders are exiting. A dormant Hyperliquid whale inactive since November 2025 returned and staked 387,800 HYPE worth $23.42 million across two wallets, per Onchain Lens. The whale had previously staked 619,120 HYPE in November 2025, bringing their total staked position to 1.006 million HYPE worth $61.16 million. Total staked HYPE across the network stands at 438.7 million tokens, representing 43.9% of the total supply, indicating that most investors continue to stake despite the price decline.
HYPE's Relative Strength Index fell to 40, reflecting weakening buying momentum, while the Chaikin Money Flow turned deeply negative, signaling capital outflows. The token had been trading within a symmetrical triangle pattern over recent weeks before the breakdown pushed it below the triangle's support. HYPE now trades near the $54-$55 support zone, a level that has held for weeks. A breakdown below that could expose the token to $48, while a successful defense may allow a recovery toward $63 resistance, followed by $67 if bullish momentum strengthens.
This article is for informational purposes only and does not constitute investment advice.
