Hyperliquid's development team, Hyperlabs, has unlocked 433,025 HYPE tokens, worth over $23 million at current trading prices, according to data from Lookonchain. The move immediately raised concerns after the team began depositing portions of the unlocked tokens to exchanges like OKX and Flowdesk, a pattern often interpreted as preparation to sell.
While deposits to exchanges can signal intent to offload holdings, the Hyperlabs team has not clarified the purpose of the transfers. Market analysts suggest the funds could be allocated for liquidity management or other operational needs rather than outright selling. Nonetheless, the unlocked tokens have increased the circulating supply, adding potential selling pressure amid already volatile market conditions.
The unlock and subsequent deposits come after HYPE experienced a rapid price surge earlier in the week, and the perceived bearish signal has cooled momentum. The crypto community remains split, with some viewing the activity as routine while others warn of a possible dump. Hyperlabs has yet to provide an official statement.
