HYPE token fell 8% to $58 on Tuesday, as three major crypto firms lined up nearly $150 million worth of tokens for unstaking. Multicoin Capital, Galaxy Digital, and Selini Capital are behind the queue, a move that often signals an intention to sell.
The $150 million unstaking queue
Data shows that the three firms have placed a combined total of roughly $150 million in HYPE tokens into the unstaking process. Unstaking typically takes a set period before tokens become liquid and can be moved or traded. The exact timeline for this particular queue wasn't disclosed, but the size of the position has drawn attention.
Multicoin Capital, Galaxy Digital, and Selini Capital are all well-known players in the crypto investment space. Their decision to unstake such a large amount suggests they may be preparing to exit or rebalance their holdings.
Price reaction
The token's price dropped sharply on the news, falling from previous levels to $58. That's an 8% decline in a single session. Trading volume likely picked up as the market absorbed the potential selling pressure.
HYPE had been relatively stable before this move. The sudden drop shows how sensitive the token is to large holder actions.
The tokens remain in the unstaking queue. Once they become available, the firms could sell them on exchanges or over the counter. The market is watching closely to see if the unstaked tokens will actually be sold, or if the firms will simply move them to another wallet.
No official statements have been made by Multicoin, Galaxy, or Selini about their plans. The next few days will reveal whether the price stabilizes or slides further.
