Selini Capital requests unstaking of $31.7M in HYPE

Crypto venture capital firm Selini Capital has requested the unstaking of 504,000 HYPE, worth about $31.7 million, Markets Alpha reported on X. The address, which begins with 0xffa8, was used to deploy the HIP-3-based Dreamcash market and is reclaiming the HYPE that had been needed for deployment and operations following the announcement of the market’s closure. The staked position is estimated to be sitting on roughly $20 million in unrealized gains. HIP-3 is a system on Hyperliquid’s HVM that allows anyone to create perpetual futures markets.