Hyperliquid Labs completed a seven-day unstaking of 3.75 million HYPE tokens worth approximately $330 million and has begun distributing half the allocation to institutional buyers through over-the-counter sales rather than public markets.
The team behind the decentralized perpetual futures exchange moved the tokens to its spot balance for the OTC transaction with an undisclosed institution. So far, 1.875 million HYPE, or 50 percent of the allocation, has been transferred to five buyer wallets, with each receiving 375,000 tokens, according to Onchain Lens data.
Hyperliquid operates one of the largest decentralized derivatives platforms in crypto, with the HYPE token launched in September 2024. The OTC distribution method allows the team to place tokens with institutional counterparties without routing sales through public exchanges, which typically moves market prices. The five equal allocations to separate wallets were made to coordinated institutional participants.
The unstaking and distribution represent a token event for HYPE holders. Large team token unlocks sold into public markets move prices; OTC placement avoids immediate selling pressure on exchanges. The $330 million valuation reflects current market pricing, though token prices have fluctuated since the distribution began.
Hyperliquid Labs has not disclosed the identity of the institutional buyers or the terms of the OTC agreement. The remaining 1.875 million tokens represent the other half of the unstaked allocation and have not yet been transferred, according to the data.
The five wallets receiving equal tranches each hold 375,000 tokens. If Hyperliquid completes the second half of the distribution on the same schedule, the remaining tokens would reach buyers within the coming days.
