HYPE falls below $60 as Paradigm and Multicoin unstake $291 million
Two of the largest venture capitalists for cryptocurrencies have unstaked Hyperliquid’s HYPE token, worth around $291 million, within a couple of days of each other, causing the price for HYPE to drop below $60 as traders look at a new wave of selling.
According to on-chain tracker Onchain Lens, the bigger shift happened when Paradigm unstaked 2.92 million HYPE tokens worth around $170 million on July 24 after being staked for about eight months.
An entity unstaked $170M worth of $HYPE
— Onchain Lens (@OnchainLens) July 23, 2026
Two wallets belonging to the same entity unstaked 2.92M $HYPE (~$170.1M) after being staked for 8 months.
Both wallets now hold 0 $HYPE in the staking contract.
Addresses:
0xcef1c075dbfe6b2d774c74a8b94e8350e9b42c25… pic.twitter.com/e88Ayw44lT
Two days before that, Multicoin Capital unstaked another 1.96 million HYPE valued at approximately $120 million. As HYPE only recently made its way to the top 10 cryptos, the two back-to-back moves from the best-known investors stood out.
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