Why Hyperliquid’s $120M whale unstake has HYPE bulls on edge

Hyperliquid’s [HYPE] recovery attempt failed again, with the altcoin facing rejection at $63. As a result, HYPE plunged, breaching the $60 support, falling to a low of $58. 

At press time, HYPE was trading around $59.28, after dropping 6.11% on the daily charts. Therefore, the coin hovered below the short-term Moving Averages, reflecting downside pressure. 

Multicoin Capital unstakes HYPE to sell

Notably, HYPE dropped below $60 after on-chain monitors reported on Multicoin Capital’s token movements. 

Onchain Lens reported that Multicoin Capital unstaked 1.96 million HYPE worth around $120 million spread across three wallets. These tokens had been staked for two months. 

After unstaking, the firm appeared to be selling. Lookonchain reported that Multicoin Capital deposited 395,570 HYPE worth $23.78 million into Coinbase Prime. The deposit hinted at the preparation to sell and take profits. So far, the firm’s position on HYPE is sitting on $18 million in profit. 

Interestingly, Multicoin Capital is not the only investor unstaking to cash out. According to Hyperscreener data, there are over 4.09 million HYPE worth $241 million pending unstake. 

This implies that stakers have requested to unstake, and once completed, these tokens will also enter market circulation. 

HYPE whales show optimism

While Multicoin Capital unstaked its HYPE, other high-net-worth investors have continued to stake. 

According to Onchain Lens, a dormant Hyperliquid whale, inactive since November 2025, returned and resumed staking HYPE. The whale staked 387.8K HYPE worth $23.42 million across two wallets. 

Previously, the whale had staked 619.12k HYPE in November 2025. In total, the whale has staked 1.006 million HYPE worth $61.16 million. Moreover, whales continued to pile in, showing strong confidence and demand for Hyperliquid’s staking.

In fact, AMBCrypto earlier reported that 438.7 million HYPE was staked, accounting for 43.9% of the total supply. This indicated that most investors still prefer staking, even during downturns.

What do HYPE’s momentum indicators say?

HYPE’s Relative Strength Index (RSI) fell deeper into the bearish zone, crashing to 40 as of writing. Such a drop suggested that the market faced increased selling pressure.

Furthermore, the altcoin dropped below its 21- and 9-day Moving Averages, confirming the downtrend’s momentum. Under such market conditions, HYPE sits at risk of more losses on the price charts.

If the sentiment persists, Hyperliquid will extend its stay below $60, with $52 as critical support. To invalidate the bearishness, bulls must push for a close above $65k.

Final Summary

• Multicoin Capital unstaked 1.96 million HYPE worth around $120 million and sold 395,570 HYPE worth $23.78 million. 
• Hyperliquid [HYPE] declined 6%, breaching the $60 support level, and touched a low of $58 amid intense pressure.