Onchain Lens said HyperLabs, the development team behind Hyperliquid, has completed the seven-day unstaking process for 3.75 million HYPE, which are now reflected in its spot balance at an estimated value of about $330 million. The tokens are not set to be sold on the open market. Instead, they are tied to an over-the-counter deal between the team and an undisclosed institution. So far, 1.875 million HYPE has been distributed to five OTC buyer wallets. Each wallet received 375,000 HYPE, accounting for 50% of the total 3.75 million HYPE allocated in this OTC transaction, according to the monitoring data cited by BlockBeats.
On Oct. 8, BlockBeats reported, citing monitoring from Onchain Lens, that 3.75 million HYPE held by HyperLabs, the development team behind Hyperliquid, has completed a seven-day unstaking process and is now reflected in the team’s spot balance. The tokens are valued at about $330 million.
According to the report, the tokens will not be sold on the open market. They are designated for an over-the-counter deal reached between the team and an institution whose identity was not disclosed.
At this stage, 1.875 million HYPE has already been distributed to five OTC buyer wallets. Each wallet received 375,000 HYPE, equal to 50% of the total 3.75 million HYPE allocated in the OTC transaction.
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