Maelstrom warns HYPE token facing pressure with $11.9B unlocks ahead

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Hyperliquid’s autochthonal token whitethorn beryllium facing a “Sword of Damocles” infinitesimal successful its biggest trial yet, with $500 cardinal worthy of monthly unlocks acceptable to statesman Nov. 29, according to probe from BitMEX co-founder Arthur Hayes’ household bureau fund, Maelstrom.

The Hyperliquid (HYPE) token volition look its “first existent test” connected Nov. 29, erstwhile the 24-month vesting docket kicks off, Maelstrom said Monday.

The vesting docket volition administer $11.9 cardinal worthy of Hyperliquid (HYPE) tokens implicit 24 months for squad members, creating what analysts accidental could beryllium important selling pressure. Current buybacks would sorb lone astir 17% of that monthly supply, leaving an estimated $410 cardinal successful imaginable overhang, Maelstrom researcher Lukas Ruppert said.

“Put yourself successful the shoes of a Hyperliquid dev. You’ve worked insanely hard for years. A beingness changing sum successful tokens is starting to vest; and it’s lone 1 click away,” Ruppert wrote.

The monthly merchandise represents a sizable hazard for Hyperliquid’s terms stability. Even the increasing numbers of integer plus treasuries (DATs) similar Sonnet are “just a driblet successful the bucket compared against impending HYPE unlocks,” according to Ruppert.

Nasdaq-listed biotech institution Sonnet BioTherapeutics partnered with a recently created entity, Rorschach, to motorboat a HYPE treasury strategy with $583 cardinal successful HYPE tokens and implicit $305 cardinal successful cash, Cointelegraph reported connected July 17.

The $305 cardinal successful currency volition besides beryllium utilized to get much HYPE tokens, which pales successful examination to the token’s aboriginal unlocks

The probe was published soon aft Hayes sold all his HYPE tokens, which helium seemingly utilized to wage the deposit for a caller Ferrari, Cointelegraph reported earlier connected Monday.

Hayes antecedently predicted the token could rally 126-fold by 2028, but acknowledged the upcoming vesting signifier could trigger volatility.

Hyperliquid sees increasing contention from Aster

Competition is besides intensifying for decentralized exchange Hyperliquid.

On Thursday, Binance co-founder Changpeng Zhao-linked decentralized perpetuals speech Aster concisely crossed $2 cardinal successful full worth locked (TVL), following the project’s Aster (APX) token launch, Cointelegraph reported.

“You don’t devour the crypto establishment’s luncheon and locomotion distant unchallenged. Business is war,” said Maelstrom’s researcher.

“CZ pushing Aster 2 months earlier unlocks? Probably not a coincidence.”

The HYPE token rose to a caller all-time precocious of $59.29 connected Thursday, hours aft Zhao posted a illustration for ASTER, the autochthonal token of a rival derivatives DEX.

Despite Hayes selling each his HYPE holdings, helium inactive sees a anticipation for a 126-fold rally by 2028, helium wrote successful a Monday X post.

Hayes archetypal predicted a 126x surge for the HYPE token during the Webx 2025 Conference successful Tokyo, driven by continued fiat debasement that would thrust a stablecoin marketplace source, perchance pushing HyperLiquid’s annualized fees to arsenic precocious arsenic $255 billion, up from its annualized gross of $1.2 cardinal astatine the time.

Hayes is known successful the crypto abstraction for his bold terms predictions.

In April, Hayes predicted that Bitcoin (BTC) would surpass $250,000 earlier the extremity of 2025 if the US Federal Reserve pivoted to quantitative easing (QE). which is erstwhile the US Federal Reserve buys bonds and pumps wealth into the system to little involvement rates and promote spending during hard fiscal conditions.