- Hyperliquid’s HYPE holds near $93 as a $337 million token unlock takes place.
- The impact may stay limited due to a private institutional sale.
Hyperliquid’s HYPE was trading near $92.60 on October 6 as 3.75 million tokens worth about $337 million were unlocked for core contributors. HYPE moved between $91.11 and $95.21 over the past 24 hours, remaining relatively stable despite the large release.
The unlock may have a limited immediate effect because Hyperliquid Labs is selling the entire allocation privately to a single institutional buyer rather than through public exchanges.
HYPE Price Holds Near $93 Despite Major Token Unlock
HYPE was trading at about $92.60 on October 6, up 1.4% over the previous 24 hours.
HYPE reached an intraday high of $95.21 before pulling back toward its current level. Its session low stands at $91.11, making the $91 area an important short-term level for traders watching the market.
HYPE remains well above its all-time low of $3.81, recorded after its genesis airdrop in November 2024. The token also recently reached record levels, including a high near $94.48 on September 19.
The current price action is notable because it comes as one of the largest token unlocks scheduled for this week reaches its distribution date.
$337 Million HYPE Unlock Hits the Market
Hyperliquid released 3.75 million HYPE tokens to its core contributors on October 6. At the prices used by Tokenomist, the allocation was valued at about $336.75 million. At HYPE’s price of $92.60, however, the same amount would be worth roughly $347 million.
The unlocked tokens represent about 1.69% of HYPE’s existing unlocked supply. The release is part of the allocation reserved for Hyperliquid’s core contributors. That group controls 23.8% of HYPE’s maximum supply of 1 billion tokens.
The contributor allocation was subject to a one-year cliff following the token’s genesis. Monthly team distributions began in January 2026, with releases scheduled around the sixth day of each month.
Importantly, the 3.75 million HYPE being claimed is below the 9.92 million tokens shown on some unlock calendars. The larger figure represents the maximum scheduled amount, while the actual committed claim for this release is about 38% of that amount.
Why the HYPE Unlock May Not Create Immediate Selling Pressure
The biggest factor for HYPE today is where the unlocked tokens are going. Hyperliquid Labs is reportedly selling the entire 3.75 million HYPE allocation through an over-the-counter transaction with a single institutional buyer.
That means the tokens are not being sold through public exchange order books. This could reduce the immediate selling pressure that usually concerns traders during a large token unlock. A large allocation entering an exchange can increase available supply and make it harder for buyers to absorb the additional tokens.
An OTC transaction works differently. The buyer takes the tokens directly from the seller, meaning the trade does not require public market liquidity.
However, the development does not remove the longer-term supply risk. The buyer’s identity, purchase price and plans for the tokens have not been disclosed. If the buyer later transfers the HYPE to exchanges, the tokens could still become a source of selling pressure.
Staking Rules Could Delay the Tokens Reaching Exchanges
Hyperliquid’s staking system could also provide some short-term protection from a sudden increase in exchange supply.
Tokens moving from a staking account back to a spot account must pass through a seven-day unstaking queue. This means traders may need to watch on-chain movements after the tokens settle rather than expect the entire allocation to immediately appear on exchanges.
Exchange deposits will therefore be an important indicator in the days ahead. If the unlocked HYPE remains in private or non-exchange wallets, the market may absorb the unlock with limited disruption. If large amounts begin moving toward exchanges, traders could become more cautious.
Hyperliquid Buybacks Offer Some Supply Support
HYPE also has another factor working against the effects of token issuance. Hyperliquid uses its Assistance Fund to buy HYPE with trading fees generated by the protocol. The purchased tokens are then burned, permanently removing them from circulation.
Buybacks totaled about $11.81 million over the previous week, according to the source data. That was lower than the $14.81 million recorded the week before.
Cumulative HYPE burns had reached roughly 47.48 million tokens as of October 3. The buyback activity provides ongoing support for HYPE’s token economics, but it is not large enough to fully offset a $337 million unlock in a single session.
That moves the newly unlocked tokens the key factor to watch. If they remain outside exchanges, the immediate selling pressure could stay limited. If they enter the open market, however, the additional supply could put more pressure on HYPE’s price.
HYPE Price Levels to Watch
HYPE’s $91 area is the key support level to watch after the token touched a 24-hour low of $91.11. Holding above this zone would keep the short-term setup relatively stable, while a sustained break below it could signal growing selling pressure.
On the upside, $95.21 is the immediate resistance after HYPE’s latest intraday high. A break above $95 could strengthen the bullish setup and bring recent highs back into focus.
These levels could become more important if the newly unlocked HYPE begins moving toward exchanges. Rising exchange deposits alongside a break below $91 would suggest that the unlock is starting to create additional selling pressure.
Previous HYPE Unlocks Have Produced Mixed Results
HYPE’s previous unlocks do not point to a consistent reaction. One notable example occurred on August 27, when 14.18 million HYPE tokens were unlocked. The release happened around the time HYPE reached a then-record high near $86.71.
The token subsequently fell toward $81.25 two days later before recovering and continuing higher into September.
This shows why the size of an unlock alone does not determine HYPE’s price direction. Market conditions, investor demand and the behavior of token recipients can all influence the outcome.
What Could Happen to HYPE Next?
The October 6 unlock gives HYPE traders two main factors to monitor. First, HYPE needs to hold the $91 area despite the large token release. Holding above that level would indicate that the market is absorbing the event without significant immediate weakness.
Second, traders will need to watch wallet activity after the tokens complete the required staking process. If the tokens remain outside exchanges, the immediate supply impact could stay limited. If significant amounts move toward exchanges, concerns about additional selling pressure could increase.
For now, HYPE is holding near $93 despite one of the largest scheduled crypto unlocks of the week. The next major signal may come not from the unlock itself, but from what the new token holder does with the 3.75 million HYPE.
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