Hyperliquid (HYPE) Price: Why Funds Are Queuing Millions for Withdrawal and What Comes Next

TLDR

• Multicoin Capital, Selini Capital, and Galaxy Digital queued ~$150M of HYPE for withdrawal
• HYPE dropped 8% to around $58, recovering slightly to $59.19
• The withdrawal queue is nearly double the daily spot market volume of $72.8M
• Selini’s unstaking is linked to the shutdown of a HIP-3 perpetuals market
• Multicoin’s Tushar Jain denied selling intent on X; unlock date is July 28

Hyperliquid’s HYPE token dropped around 8% from recent highs on Wednesday after three crypto funds queued nearly $150 million worth of the token for withdrawal.

Multicoin Capital holds $138.78 million in staked HYPE, with roughly $116 million of that sitting in pending withdrawal. Selini Capital queued $4.4 million and Galaxy Digital queued $29.4 million worth of HYPE for withdrawal.

A wallet linked to Multicoin also deposited around 167,000 HYPE, worth about $11.2 million, to Coinbase. The token briefly fell to $57.39 before recovering to $59.19, according to CoinGecko. Trading volume over 24 hours was over $415 million.

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