Hyperliquid, the layer-1 blockchain and perpetual futures exchange, has been one of the stronger names in crypto lately, and its native token HYPE has moved with it. That rally, though, is heading into a large scheduled supply event.
CoinGecko data shows HYPE reached an all-time high of $83.27 on Sunday before slipping to around $77.50. Its market capitalization was sitting near $19.5 billion.
According to Tokenomics.com, the next release on Aug. 29 is the largest of Hyperliquid’s monthly unlocks so far. The event comes as the token remains close to record levels, even after pulling back from its peak.
Aug. 29 unlock sends tokens to three groups
Since launching in November 2024, Hyperliquid has been releasing portions of its 1 billion-token supply on a fixed calendar. The Aug. 29 event will be the fourth monthly unlock in a row directed to three recipient groups: the community, the foundation, and insiders.
Insiders, described in the report as early investors, are set to receive the largest single share of this release at 46.6%. The community allocation accounts for 46.3% and covers grants, rewards, airdrops, and related distributions. The Hyper Foundation receives the remaining 7%.
Using the values cited in the report, the total unlock is about $1.2 billion, with roughly $560 million tied to insider-facing supply.
Past unlocks have not produced a single pattern
Token unlocks do not automatically send a token lower. They do increase the amount of supply that can be sold, and that added supply can weigh on the market if recipients decide to cash out.
Tokenomics.com’s own price-impact history for HYPE is mixed. After the prior three monthly unlocks, the token fell 7% following the July event, rose 1% after the June release, and dropped 14.1% after the May unlock in the days that followed.
Still, trader attention tends to focus more closely on allocations going to investors and early contributors. The report notes that those holders generally entered at lower cost than a community pool, leaving them with a stronger incentive to take profits.
Coinbase integration and Trump comments put Hyperliquid in focus
Hyperliquid has also been in the spotlight for reasons beyond the token chart. This month, Coinbase added 50x perpetual futures to its Base app through Hyperliquid’s infrastructure, a move that puts the protocol deeper into mainstream trading channels.
Another headline arrived in the middle of last week, when President Donald Trump directly mentioned Hyperliquid during a media appearance ahead of a closed-door meeting with cryptocurrency executives.
The decentralized perpetual futures exchange is currently geofenced and unavailable to Americans. Trump told the media that the Commodity Futures Trading Commission, or CFTC, is 「working to bring Hyperliquid into the United States in a fully compliant and legal fashion.」
That effort comes as Washington has been signaling a more crypto-friendly posture more broadly. Trump also urged Congress at a White House crypto meeting to pass a 「fair version」 of the Clarity Act.
Another unlock of the same size is due on Sept. 29
With HYPE still near its record range, the Aug. 29 release will place about $560 million of insider-facing supply into a market that is already off its high. The next unlock, at the same size, is scheduled for Sept. 29.