Hyperliquid HYPE Unlock Shows Lower Selling Pressure, Hinting at Potential Future Stability

• Minimal Selling: Just 609,000 HYPE tokens (23%) were sold post-unlock, far below projections.

• Restaking Dominates: Four wallets restaked 234,600 tokens (9%), and the team added 854,000 more (33%) through Hyperlabs.

• Holding Strength: Remaining 35% of unlocked supply held by team members, signaling confidence; HYPE price dipped only 1.7% to $33.80.

Discover how Hyperliquid’s HYPE token unlock surprised markets with low selling pressure and strong restaking. Explore implications for DEX leaders and investor strategies today.

What Happened During the Hyperliquid HYPE Token Unlock on November 29?

The Hyperliquid HYPE token unlock on November 29, 2025, involved the release of 1.75 million tokens from a total supply cliff, initially raising concerns about market pressure. However, on-chain data revealed limited selling, with just 23% of the unlocked tokens traded over-the-counter, while a significant portion was restaked or held. This outcome highlights the project’s resilient community and contrasts with bearish forecasts from industry figures.

How Did the Actual Selling Pressure Compare to Expectations?

The unlock event for Hyperliquid’s HYPE token was anticipated to trigger substantial selling, but reality proved otherwise. On-chain analyst Kirby Crypto, monitoring post-unlock flows, reported that only 609,000 HYPE tokens—equivalent to 23% of the 1.75 million released—were sold through OTC desks. This figure represents a mere $20 million in sales, a stark 96% below the $500 million monthly pressure projected by BitMEX co-founder Arthur Hayes. Kirby Crypto noted, “Overall, there is far more hodling and re-staking over selling. If future unlocks are the same, unlock pressure would be far lower than expected.” Supporting this, four key wallets restaked 234,600 HYPE tokens, accounting for 9% of the supply, while the Hyperliquid team, via Hyperlabs, restaked an additional 854,000 tokens or 33%. In total, over 40% of the unlocked tokens were committed to restaking, bolstering the platform’s staking ecosystem. The remaining 35% stayed in team members’ wallets, indicating strong internal confidence. Market reaction was muted, with HYPE’s price experiencing a modest 1.7% decline to $33.80, underscoring the event’s non-impactful nature. Data from sources like Tokenomist.ai illustrates the monthly unlock schedule, showing a steady release over 24 months, yet the November buyback program absorbed $82 million—four times the unlock’s selling volume—providing a robust buffer against any potential downside.

Source: X

Hyperliquid’s architecture as a decentralized exchange (DEX) has been pivotal to its success since launching in the first quarter of 2023. Designed to mimic the speed and usability of centralized exchanges (CEXs) while maintaining full on-chain transparency, it quickly captured significant market share in perpetual futures trading. Notably, the project launched without traditional venture capital (VC) funding, avoiding the typical VC token dumps that plague many launches. The HYPE token, introduced in the fourth quarter of 2024, experienced rapid growth, climbing from an initial $4 to a high of $59 in early 2025. This surge was driven by organic adoption and the platform’s innovative features, such as low-latency order execution and community governance.

Despite this momentum, challenges emerged. Competitors like Aster and Lighter entered the space, vying for dominance in the perpetuals market and potentially diluting Hyperliquid’s position. More critically, the structured token unlocks—beginning with the November 29 event—drew scrutiny from prominent voices. Arthur Hayes, in his analysis, warned of a looming $12 billion sell-off over the next two years, equating to $500 million monthly at prevailing prices. He argued that the platform’s buyback mechanism, capped at $85 million per month, could only counteract 17% of this pressure, leading him to liquidate much of his HYPE holdings. This commentary contributed to a bearish sentiment, with traders bracing for volatility.

Source: Tokenomist

Yet, the data tells a different story. The actual unlock pressure was negligible, allowing the monthly buyback to not only offset sales but exceed them substantially. This discrepancy suggests that Hayes’ model may have overestimated team liquidation incentives, as evidenced by the high restaking rates. From a technical standpoint, Hyperliquid’s spot average order size has remained stable, with metrics from CryptoQuant showing consistent whale activity. Recent lows have attracted large investors, pointing to accumulation rather than distribution.

Source: CryptoQuant

Whale transactions at these levels indicate strategic positioning, potentially setting the stage for recovery if broader crypto market conditions improve. Hyperliquid’s team has emphasized long-term sustainability through mechanisms like restaking rewards and governance participation, which incentivize holding over selling. Industry experts, including those from on-chain analytics firms, view this unlock as a positive signal for the token’s maturity.

Frequently Asked Questions

What Is the Token Unlock Schedule for Hyperliquid HYPE?

The Hyperliquid HYPE token unlock follows a 24-month vesting schedule starting November 2025, releasing approximately 1.75 million tokens monthly from the initial cliff. This structure allocates portions to the team, community, and ecosystem development, with buybacks mitigating pressure. As of November 2025, over 40% of unlocks have been restaked, per on-chain data.

Will Future Hyperliquid HYPE Unlocks Cause Price Volatility?

Based on the November 29, 2025, event, future unlocks are unlikely to drive significant volatility if patterns of restaking and holding persist. With selling at just 23% of released supply and buybacks four times higher, the pressure remains contained. Monitor on-chain metrics for continued whale accumulation to gauge stability.

Key Takeaways

• Low Selling Pressure: The HYPE unlock saw 96% less sales than forecasted, with only $20 million traded against a $500 million projection.
• Strong Restaking Activity: Over 40% of tokens restaked immediately, including 33% by the team, reinforcing ecosystem commitment.
• Whale Accumulation Signal: Increased large-order activity at recent lows suggests investor confidence, potentially aiding price recovery.

Conclusion

The Hyperliquid HYPE token unlock on November 29, 2025, exemplified resilience amid preconceived fears of heavy selling pressure, as detailed analyses from experts like Kirby Crypto and Arthur Hayes reveal. With dominant restaking and minimal OTC trades, the event underscores the platform’s solid fundamentals in the competitive DEX landscape. As monthly unlocks continue, sustained buybacks and whale interest position HYPE for steady growth—investors should watch upcoming metrics for sustained momentum.