Key Notes
- Hyperliquid’s $60 million HYPE release hit a market stuck in a prolonged downtrend.
- On-chain data shows that most contributors were holding or reinvesting their tokens.
- The techniques place HYPE at the bottom of a falling wedge.
The team behind decentralized exchange Hyperliquid has released 1.75 million HYPE tokens to developers and top contributors, worth over $60.4 million, as part of its long-standing vesting schedule.
The unlock comes on the one-year anniversary of Hyperliquid’s historic airdrop, one of the largest and most community-focused token launches ever seen. On the other hand, the price of the HYPE token has fallen more than 23% over the past month and almost 5% over the past 24 hours, according to data from CoinMarketCap.
The Hyperliquid team confirmed that 1.75 million HYPE tokens were released to developers and major backers on Saturday, worth over $60.4 million at current prices. According to developer Hyperliquid iliensinc, the unlock is part of the project’s predefined acquisition schedule… pic.twitter.com/SLd346io08
-Wu Blockchain (@WuBlockchain) November 30, 2025
This is not an unusual event
According to iliensinc, developer of Hyperliquid, this event is not unusual. He reminded users that as of November 2024, nearly 270 million tokens have been fully unlocked in the largest airdrop in crypto history, now valued at around $9.5 billion. Additionally, Hyperliquid has no venture capital releases or investor acquisitions.
Analyst KirbyCrypto confirmed that the founder tier wallet received 170,619 HYPE, the senior tier (14 wallets) received 1,049,986 HYPE, and the mid tier (2 wallets) lost 99,998 HYPE. Meanwhile, small wallets received 30,000 HYPE and the remaining 9 wallets received 395,406 HYPE. This represents 1,745,746 HYPE.
Unlocking Hyperliquid TGE and What Really Happened
The first major unlock has just passed. Here’s how the tokens were distributed and what team members did with them.
Distribution
• Largest portfolio (founder level): 170,619 HYPE
• Senior level (14 wallets): 1,049,986 HYPE
• Intermediate level (2… pic.twitter.com/2zw4aSsWNH– kirbycrypto.hl 🌊🏄♂️ (@kirbyongeo) November 29, 2025
Token Distribution
The analyst confirmed that around 23.4% (609,100 HYPE) were sold over-the-counter to Flowdesk and around 9% were re-listed. Additionally, around 35% remained intact and Hyperlabs reinvested another 33%. It is clear that most contributors are not dumping. Re-staking and holding dominate behavior.
Crypto McKenna’s analysis found that the rebalance covered over 40% of top contributors’ allocations, while just over 23% was transferred to Flowdesk. Its projections for 2026 show that hyperliquid could generate far more buy-side flow than sell-side pressure, even in a worst-case liquidation scenario.
Some envelope calculations on the first Hyperliquide core contributors unlocked:
> 2.6 million HYPE distributed with 41.89% reinvestment by Hyperlabs and team members
> 23.42% of the unlock was sent to Flowdesk and 34.69% remains as a HYPE spot on HyperCore
> If we look at 2026 buying… pic.twitter.com/f1qtU8dT1r
–McKenna (@Crypto_McKenna) November 30, 2025
Interestingly, modeled buying pressure exceeds $2.1 billion on a revenue basis, while potential selling pressure stands at almost $598 million.
HYPE price analysis: a market close to exhaustion
The HYPE chart shows that the altcoin is trapped in a falling wedge that extends into September. The price is trading near the lower boundary of the pattern and remains below the 200-day moving average.
A bullish break above the wedge’s upper trendline could send HYPE back towards the mid-$40 range, with $36 and $41 as the first key levels. A clear break above the 200-day level would open the way to the September high.
HYPE Price Chart Inside Corner | Source: TradingView
A bearish outcome remains possible if the price slips below the wedge support. This would expose the $30 zone, where volatility tends to increase sharply. A larger pullback to $20 could be possible if $30 does not hold.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
A crypto journalist with over 5 years of industry experience, Parth has worked with leading media outlets in the crypto and finance world, gaining experience and expertise in the field after surviving both bear and bull markets over the years. Parth is also the author of 4 self-published books.
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