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.
Multicoin-linked wallet moves 490K $HYPE (~$29.48M) in 2 days
A wallet likely belonging to Multicoin Capital just moved 93K $HYPE (~$5.48M) to fresh wallets.
New addresses:
• 0xFA2173AD69De51769d75934AcBCF5C2382B1B7F1
• 0x257F1352204A01f59abC5bc60384Bf4c1e5f8B70This follows… pic.twitter.com/InfWQIXYFF
— Onchain Lens (@OnchainLens) July 23, 2026
Withdrawal Queue Puts Pressure on Spot Market
The $150 million withdrawal queue is nearly double HYPE’s daily spot market volume. Block Liquidity recorded just $72.8 million in HYPE spot volume over roughly 28 hours leading into Wednesday. There were 1,463 unique buyers against 982 sellers. Wintermute was the biggest net buyer at over $9 million, while the largest net seller offloaded $5.2 million.
HYPE has lost about 11% over the past week, making it the worst performer among the top 10 cryptocurrencies in that period. ETF data from CoinGlass shows no inflow on Wednesday, following a $0.7 million outflow on Tuesday. Futures Open Interest sits at $2.5 billion, down 0.5% in 24 hours.
Analyst CryptosBatman posted on X that HYPE has broken down from its 50-day moving average after a six-month rally above it. He pointed to a bearish continuation pattern forming and set a next target of $55, based on the 1.618 Fibonacci extension — a level that also aligns with a key support zone.
After a 6-month rally above the 50-day MA, $HYPE has broken down from it.
Not just a usual breakdown, but a bearish continuation has formed as well.
The next target based on the 1.618 Fibonacci extension is $55, right at a support level. pic.twitter.com/mhDl4htYSo
— BATMAN ⚡ (@CryptosBatman) July 23, 2026
Why Funds Are Unstaking
Selini Capital’s unstaking appears tied to the shutdown of the HIP-3 CASH perpetuals market run by DreamCash. Launching a HIP-3 market requires staking 500,000 HYPE as a security bond, which is refunded when the market closes. Selini may sell its HYPE through an OTC desk.
Multicoin’s situation is less clear. The firm recently led a $1.75 million seed round into Trasia, an Asia-focused trading platform planning to launch perpetuals for Asian equities on Hyperliquid. Managing partner Tushar Jain said on X that the unstaked HYPE was not for selling.
The July 28 unlock date is when the market will get more clarity on where these funds flow.
HYPE is trading below its 50-day EMA at $62.52. Bulls need to reclaim $60.72 and the 50-day EMA to shift the short-term outlook. The RSI sits near 40 and the MACD remains below zero, both pointing to continued selling pressure.
The 200-day EMA at $50.77 remains intact as a longer-term support level.
