Hyperliquid Moves $329M Token Batch to Institutional Buyer via OTC Deal

Today, Hyperliquid Labs is unlocking 3.75 million HYPE tokens valued at roughly $329 million. The entire amount is being transferred to a single institutional buyer, according to the project.

The tokens represent the team's October allocation. Co-founder iliensinc shared the details on the project's Discord server Wednesday.

Hyperliquid Unlock Heads to Private Buyer

Hyperliquid operates a blockchain centred on a futures trading platform. Its native token, HYPE, is trading at $90, up nearly 5% on the day.

Unstaking refers to removing tokens from a staking lock where they earn rewards. On Hyperliquid, the process takes seven days, per the project's documentation.

Hyperliquid Labs has entered an OTC deal to sell 3.75M tokens to an institution for the October team unlock. None of it is being sold on the open market.

Now we know why the team unlock did not occur as it regularly does this month. https://t.co/X1yQevUu8N pic.twitter.com/S740vM7YcS

— steven.hl (@_stevenhl) September 30, 2026

An over-the-counter deal is a private transaction between two counterparties. It avoids the exchange order book, where large sell orders can push prices lower.

Will the Unlock Affect HYPE Price?

The arrangement may soften the immediate effect on HYPE's price. Because the 3.75 million tokens are being exchanged via an OTC transaction, they do not have to be sold on public order books.

The block represents about 1.5% of HYPE's current circulating supply. An equivalent sale on the open market could generate substantial selling pressure.

Earlier unlocks have produced mixed outcomes. Tokenomics data show HYPE dropped as much as 3% within 14 days after its August unlock and 7% after July, while the June unlock was followed by a 1% increase.

This indicates that an unlock by itself does not dictate the price movement.

The Hyperliquid team must be so busy with planning the events going on next week that they are late with unstaking the team allocation for October.@Hypurr, you up?

— steven.hl (@_stevenhl) September 29, 2026

For October, the larger risk arises after the institutional buyer receives the tokens. With no publicly disclosed lock-up period, the 3.75 million HYPE could still make their way to exchanges later.

If the buyer holds onto the tokens or restakes them instead, the immediate increase in sell-side supply would remain contained.

The announcement did not identify the institution or the purchase price. It also did not specify whether the buyer is required to hold the tokens for a set duration.

Once the tokens reach the buyer after October 7, public blockchain records will reveal where they move next. Transfers to exchange wallets, typically where coins are sent before a sale, would place that supply within reach of the open market.