#夏日创作营 Multicoin Capital Unstaking HYPE and Its Impact on HYPE Price Action

On July 21, the well-known crypto investment fund Multicoin Capital unstaked about 1.96 million HYPE tokens (worth about $120 million) from three wallet addresses; these tokens had only been staked for roughly two months.
In the prior week, a wallet associated with a16z also transferred about $28 million worth of HYPE to exchanges, causing the price to drop by about 12% in a single day. Another institution, Selini Capital, also unstaked about 504k HYPE tokens (about $31 million).
Multiple institutions reduced positions in tandem in the short term, bringing the total unstaking scale to about $150 million.

Market impact
1. Clear pressure on price: HYPE fell about 7.3% over the past 24 hours, slipping below the $60 level; the cumulative drop over 7 days is about 15%, and it is currently trading around $58.
2. Technical weakness: HYPE broke below the support line of a symmetrical triangle, and it is trading below the 50-day moving average (about $62.7). RSI is around 48, and MACD is negative, with short-term bearish momentum dominating. Key support is in the $54-$55 range; if it breaks, it could further dip to $48. A rebound would require reclaiming the $63-$70 range. 3. ETF flows continue to move out: HYPE spot ETFs have seen net outflows for multiple recent days. Demand through institutional allocation channels has cooled, further worsening sell pressure.
4. Confidence shock: Notably, Multicoin just released a valuation report favoring HYPE on June 25 (bear case $109, base case $319, bull case $689, target year 2028). Less than a month later, it carried out large-scale unstaking, prompting community questions about consistency between its words and actions, and market sentiment has shifted toward caution and even pessimism.

Unstaking ≠ Immediate Selling, but the signal is strong
Unstaking (unstake) is a necessary step before selling, but it does not equal an immediate sell. After tokens are unstaked, they must wait through a redemption period (on-chain arrival in about D+8 days) before they can move. However, an unstaking of this size itself releases a signal that a large position may be entering circulation; the market often reacts early, leading to preventive selling and short hedging.

Gate Research Institute previously listed HYPE as a key observation target for token unlocks over the next 7 days in an early-July weekly report, warning that if local liquidity is insufficient to absorb supply, projects with high unlock ratios may face more noticeable short-term sell pressure. This week’s latest weekly report also notes that the market is still in a consolidation and range-bound phase; over the next 7 days, H and other projects will be concentrated for unlocks (total about $29.4 million), and projects with high unlock ratios need to remain on guard.

Key points to watch
Whether the $54-$55 support zone can hold; if it breaks, it may drop to $48
The actual flow after unstaked tokens arrive (whether they move to exchanges for sale)
Whether HYPE spot ETF fund flows reverse$HYPE ‌