Hyperliquid team to unstake $329M in HYPE for sale to a single institutional investor

Hyperliquid Labs plans to unstake 3.75 million HYPE worth $329 million and sell the tokens over the counter to a single institutional investor, BeInCrypto reported. Hyperliquid co-founder iliensinc said on Discord the allocation consists of tokens due to the Hyperliquid team in October and that one institutional investor is set to acquire the entire amount. The 3.75 million HYPE represents about 1.5% of the current circulating supply, and unstaking HYPE on Hyperliquid takes seven days.