Is Hyperliquid Redefining Crypto Token Unlocks?
The cryptocurrency world is buzzing with discussions surrounding Hyperliquid’s recent $9.5 billion token unlock event. Despite initial concerns about significant selling pressure, the event turned out to be less impactful than predicted, with only 23% of the unlocked HYPE tokens sold.
A Closer Look at the Token Unlock Event
On November 29, 2025, Hyperliquid unlocked 1.75 million HYPE tokens. According to on-chain data from renowned analyst Kirby Crypto, only 23% of the unlocked supply—approximately 609,000 tokens—was sold via OTC desks. This data challenges bearish projections and suggests higher levels of holding and re-staking.
Notably, around 40% of the unlocked tokens were restaked, including 234,600 HYPE tokens from individual wallets and 854,000 HYPE tokens restaked via Hyperlabs. These actions signal strong confidence in the project’s long-term potential.
What Sets Hyperliquid Apart?
Hyperliquid initially gained traction in Q1 2023 as the first decentralized exchange (DEX) offering a centralized exchange (CEX)-like user experience while maintaining transparency and staying fully on-chain. Unlike many projects, Hyperliquid did not rely on venture capital (VC) funding, which helped it avoid the infamous VC token dumps seen during token generation events (TGEs).
The HYPE token saw a notable rise in value after its Q4 2024 debut, trading from $4 to an impressive peak of $59 by 2025. However, competitive DEXs such as Aster and Lighter have emerged, posing challenges to Hyperliquid’s market dominance.
Market Sentiment and Recovery
Despite forecasts of significant selling pressure from notable figures like BitMEX founder Arthur Hayes, the recent token unlock defied expectations. Hayes predicted a potential $500 million monthly selling pressure over the next 24 months. However, Hyperliquid’s November buyback program absorbed $82 million—four times more than the selling pressure from the token unlock. This discrepancy showcased Hyperliquid’s resilience and its commitment to stabilizing the market.
Even during the unlock, HYPE’s price dipped only slightly by 1.7%, trading at $33.80 at the time of writing. This minimal fluctuation suggests that the unlock had little impact on market sentiment. Additionally, increased whale activity at current price levels further indicates growing investor confidence in the token.
HYPE’s Future: Opportunities and Challenges
As Hyperliquid continues its journey, it must navigate challenges posed by competitors and market pressure. However, its proactive measures—like its robust buyback programs—demonstrate a strong foundation for long-term growth.
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