HYPE Faces $100 Million Supply Test as Whales Unstake Tokens
Five whale addresses unstaked about $90.4 million in HYPE, while 130,331 tokens worth $12.15 million moved to Coinbase Prime. Neither transaction confirms a sale.
Hyperliquid’s HYPE token is facing a supply-demand test after whale addresses unstaked about $90.4 million in tokens and another $12.15 million moved to Coinbase Prime, although neither transaction confirms a sale.
Five whale addresses unstaked approximately 983,600 HYPE on Sept. 24. The tokens were subject to a seven-day lockup ending Oct. 1, meaning they may become transferable after that date.
Separately, 130,331 HYPE worth approximately $12.15 million moved to Coinbase Prime. The transfer could support custody, settlement or execution and does not establish that the tokens were sold.
A wallet linked to Hyperliquid Strategies bought 494,200 HYPE for approximately $45.8 million over 16 hours. Its purchases during the preceding month totaled 5.51 million HYPE worth about $476 million.
Hyperliquid Strategies held approximately 33.2 million HYPE as of Sept. 8. Its public balance data is updated weekly and may lag by one week.
The company reported approximately $945 million in value accruing to the Hyperliquid ecosystem during the 12 months ended June 30, 2026. That value accrues to HYPE through programmatic buybacks.
“We more than doubled our HYPE treasury,” David Schamis, CEO of Hyperliquid Strategies, said in an Aug. 27 earnings statement. “Most of the value that is created is returned to HYPE holders through programmatic buybacks.”
Hyperliquid’s Assistance Fund converts trading fees into HYPE through automated on-chain purchases. HYPE held by the fund is then burned, reducing the token supply as protocol activity generates fees. The mechanism does not operate on a fixed calendar schedule, so its scale depends on trading activity and fee generation.
Hyperliquid Strategies describes HYPE as the native token of the Hyperliquid Layer 1 blockchain and has stated that it plans to accumulate the token and stake substantially all of its holdings. Approximately 238 million HYPE tokens were reported to be vesting to core contributors beginning Nov. 29, 2025, under a multiyear schedule.
The immediate market question is whether ongoing buybacks and treasury accumulation can offset tokens that become transferable after unstaking or move into institutional custody. The next stated supply event is the end of the seven-day lockup on Oct. 1.
