Hyperliquid Completes $331 Million OTC HYPE Distribution

Hyperliquid completed the seven-day transfer of 3.75 million Hyperliquid (HYPE) tokens from staking to spot balances, with the allocation valued at $331.4 million as of Oct. 8 as HYPE traded near $87.

The distribution used an over-the-counter structure rather than public exchange order books and involved an undisclosed institutional counterparty. Hyperliquid’s staking system places transfers from staking balances to spot balances in a seven-day queue.

Five wallets received 1.875 million HYPE in total, with each address receiving 375,000 tokens. The wallet activity identifies the receiving addresses but does not establish whether they represent five separate buyers, intermediary accounts or a different commercial structure.

A further 1.25 million HYPE, valued at about $110.5 million at the cited price, was later restaked. Restaking reduces the amount immediately available in spot balances. The destination of the remaining tokens, the transaction price, any discount to market and resale restrictions were not disclosed.

The $331.4 million figure is an estimated market value rather than a confirmed transaction price. Other valuations for the same allocation ranged from about $329 million to $340 million, reflecting differences in HYPE’s price and the timing of the calculations.

HYPE fell from $94, lost the $90 level and reached an intraday low of $86.60 before trading near $87. The OTC structure limits immediate visible selling on public order books, but the wallet movements do not establish whether the recipients will hold, stake or later sell the tokens.

Multicoin deposited 67,500 HYPE valued at $5.92 million into Coinbase Prime, bringing its cumulative deposits over the previous month to 760,580 HYPE valued at $62.99 million. The deposits do not confirm that the tokens were sold.

Spot netflow stood at negative $10 million on Oct. 8 and negative $1.8 million at the time of the market update. The distribution continues TokenPost’s earlier coverage of Hyperliquid’s $330 million OTC distribution, while the reported wallet movements show how part of the allocation was distributed.