Hyperliquid's native token HYPE has reached new all-time highs, surpassing Solana in price, even as a major ecosystem deployer initiates a structured sell-off of unlocked tokens. Onchain data reveals that the USDH Deployer address, a key holder within the Hyperliquid ecosystem, began moving and selling a portion of its HYPE holdings approximately 12 hours after a scheduled token unlock.
According to analytics firm Onchain Lens, the address first unlocked 1.01 million HYPE, valued at roughly $72.45 million at current market prices. Shortly after, 209,984 HYPE (approximately $15 million) were transferred to a newly created wallet. A separate transaction moved 200,000 HYPE ($13.76 million) to the liquidity provider Flowdesk, from which 120,000 HYPE were subsequently sent to centralized exchange Bybit. The remaining 80,000 HYPE are currently being sold on the Hyperliquid decentralized exchange (DEX).
While large unlocks often create selling pressure, the use of Flowdesk suggests a managed, gradual liquidation rather than a market dump. The deployer still retains a substantial position, adding a layer of nuance to the market signal.
Yet HYPE’s price has defied typical supply-side fears. On Tuesday, June 2, the token hit an all-time high of $75.4, climbing above Solana’s (SOL) price of roughly $72. HYPE has gained approximately 24% over the past month, while SOL dropped nearly 14% in the same period. Hyperliquid’s expanding role in perpetual futures is a key driver: the platform captured a record 6.63% share of global perpetual futures volume in May, generating over $62 billion in monthly trading activity from its HIP-3 builder-deployed contracts. The platform’s volume relative to Binance also hit a new record.
Institutional interest is accelerating. Grayscale launched its HYPG Hyperliquid Staking ETF on Wednesday, joining earlier products from 21Shares and Bitwise. The THYP and BHYP funds have generated nearly $600 million in trading volume and attracted over $136 million in net inflows within their first three weeks.
From a technical perspective, analysts believe HYPE has entered price discovery after breaking above its previous record near $75.8. The breakout completed a major continuation pattern, paving the way toward the psychologically important $100 level. Immediate support lies at $75, with further zones at $64 and $55 should the bullish momentum falter.
