Hyperliquid (HYPE) Price: Team Unlocks 433K Tokens as Revenue Falls for Fourth Quarter in a Row

TLDR

• HyperLabs unlocked 433,025 HYPE (~$23.46M) and moved tokens toward exchanges including Flowdesk, OKX, and Bybit
• Onchain analyst Ember confirmed 75,000 HYPE (~$4.19M) was converted to USDC on Hyperliquid
• HYPE traded near $54.60 on Aug. 9, down from ~$56.16 on Aug. 7, and 28% below its June record of ~$77
• Hyperliquid’s gross protocol revenue has dropped 43% from its Q3 2025 peak of ~$357M to ~$202M in Q2 2026
• Open interest hit a record $11B on July 13, but builder fee-sharing under HIP-3 now consumes 18% of gross revenue

HyperLabs unlocked 433,025 HYPE tokens worth about $23.46 million on Aug. 8, moving them through market maker Flowdesk and onto exchange deposit addresses at OKX and Bybit.

HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell.https://t.co/7mdInyplny pic.twitter.com/W5uMZe1sYH

- Lookonchain (@lookonchain) August 8, 2026

Onchain tracker Lookonchain flagged the transfers first, describing them as “likely to sell.” That label reflects an interpretation of wallet activity rather than confirmed sales, since tokens can move to exchanges for custody or market-making purposes.

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