Hyperliquid Labs has unstaked and begun distributing 3.75 million HYPE tokens worth approximately $330 million, a move tied to an over-the-counter sale to an unnamed institutional investor.
According to on-chain data, the seven-day staking process for the newly released tokens was completed and the assets were transferred to the team’s spot balance. Hyperliquid Labs said the tokens will not be sold on the open market; instead, they are being moved under the OTC agreement. In the initial phase, 1.87 million HYPE was distributed across five different OTC recipient wallets, with each wallet receiving 375,000 HYPE, representing 50% of the total allocation and roughly $165 million at current prices.
On-chain observers identified that one receiving address staked its tokens on the Unit x Hyperliquid Strategies Validator, potentially offering a clue about the institutional counterparty, though no official identity has been revealed. Hyperliquid Labs is expected to distribute the remaining 1.87 million HYPE under the same OTC arrangement.
Separately, early on October 8, 2026, HyperLabs was reported to have unstaked the 3.75 million HYPE for team distribution and OTC plans. After the event, 1.25 million HYPE was restaked, while 1.875 million HYPE remained in wallet 0x8757 and another 625,000 HYPE in wallet 0x3277. The activity suggests a deliberate strategy around liquidity management, though traders are watching for potential volatility if distribution-related selling pressure emerges.
