Multicoin unstaked $120 million in HYPE as Hyperliquid dropped

Multicoin Capital has unstaked about $120 million worth of Hyperliquid’s HYPE token, raising new questions about how concentrated holdings influence trading in younger token markets. At the same time, HYPE traded at $58.23, down 7.13% over the previous 24 hours.

It’s not simply the size of the unstake that matters here, but what that action unlocks: as tokens move from staked to unstaked, they become more available to move, sell, or be redeployed, and that alone can shift sentiment even before any actual sale is confirmed.

The issue is exit liquidity. In a market with developing depth like HYPE, a holder of Multicoin’s size can test how well the market absorbs new supply without a sharp move in price. Hyperliquid itself has become a major venue in decentralised derivatives, with CoinDesk reporting in May that it controlled more than 70% of the decentralised perpetual futures market. That puts extra focus on the actions of top holders.

So while the price move cannot be pinned on confirmed selling from Multicoin, this episode still highlights a structural point for newer tokens: deep liquidity is not assured, and concentrated portfolios can quickly become the main story.