HYPE has struggled in recent trading, with the token falling from $72.5 to $60.9 over the past 15 days, for a cumulative decline of about 16%, according to HTX market data cited by BlockBeats on July 22. The price move came alongside a fresh round of unstaking requests and spot selling by institutions and whale-linked addresses.
Multicoin Capital unstaked 1.96 million HYPE
BlockBeats reported that Multicoin Capital unstaked 1.96 million HYPE from three wallets early on July 22. The tokens were valued at about $120 million in the report. Those holdings had been staked roughly two months ago.
The report also pointed to an apparent contrast with Multicoin Capital's latest June report, which said HYPE could reach $319 by 2028, implying 4x upside from that view.
Selini Capital moved to cancel a 504,000 HYPE stake
On the previous day, Selini Capital requested to unstake 504,000 HYPE worth $31.7 million. The address had deployed the HIP-3 Dreamcash market.
After announcing that the market would shut down, Selini started removing the HYPE stake required to deploy and maintain it. According to the information cited by BlockBeats, the firm made nearly $20 million from that investment.
a16z-linked addresses also sold HYPE
On July 18, a whale address linked to a16z continued cutting its HYPE position, selling 421,796 HYPE over 24 hours for about $25.3 million.
On July 17, a suspected a16z-linked execution address sold 105,400 HYPE spot tokens in a series of transactions within a single day. Turnover came to about $6.4812 million, with an average execution price of about $61.49.