Crypto▼ Bearish
HYPE falls 8% as three crypto firms queue $150M for unstaking
HYPE dropped 8% to near $58 after Multicoin Capital, Galaxy Digital, and Selini Capital queued nearly $150M in tokens for unstaking on Hyperliquid.
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Hyperliquid's native token HYPE dropped roughly 8% over the past day, landing near $58, after three major institutional players signaled they were pulling their staked positions. Multicoin Capital, Galaxy Digital, and Selini Capital collectively queued close to $150 million worth of HYPE for unstaking, according to on-chain data.
Multicoin Capital initiated the unstaking of roughly 1.96 million HYPE tokens valued at around $120 million. The firm had held those tokens staked for roughly two months before deciding to unwind the position. Selini Capital queued about 504,000 HYPE tokens, worth between $31 million and $31.7 million. Selini’s move appears tied to a specific business decision: the firm is shutting down the Dreamcash perpetuals market on Hyperliquid. Galaxy Digital also participated, though the exact size of its unstaking position was not broken out as granularly.