#Hyperliquid团队提取3814万HYPE HYPE Team's Token Withdrawal Event and Subsequent Outlook

HyperLabs (the development team) unstaked and transferred 433,000 HYPE, worth approximately $38.14 million at the current price. The unstaking request was submitted on August 30, the tokens arrived after the seven-day waiting period on September 6, and were then distributed to 11 addresses within nine hours.

Will this affect the token price?

The short-term psychological impact is greater than the actual selling pressure; this is not the team dumping tokens.

The key background is that the team has approximately 240 million HYPE staked and unstakes and transfers more than 400,000 HYPE every month. Essentially, it is collecting monthly staking interest income, not conducting a one-time liquidation. In similar previous batches, some tokens were transferred to market maker Flowdesk and centralized exchanges for liquidity, rather than being sold off directly in full.

However, it should be noted that a larger supply event occurred on September 6: 9.92 million HYPE (approximately $797 million) was unlocked for core contributors, as part of a $1.5 billion token unlock wave within one week. Combined with the 14.18 million tokens unlocked on August 29 (approximately $1.2 billion, which previously caused the price to fall from its $86.71 peak), the market was overall in a supply-release window in early September. This is the real force suppressing the token price.

Hedging forces: buybacks + whale accumulation

There is pressure on the supply side, but demand is also strong:

First, the protocol continues to conduct buybacks and burns. In the 24 hours leading up to September 6, it bought and burned 9,730 tokens at an average price of $85.27 (approximately $830,000). A cumulative 48.42 million tokens have been burned (approximately $4.14 billion), with the buyback mechanism continuously absorbing supply.

Second, whales are withdrawing tokens from exchanges. On September 7, a whale withdrew 97,670 HYPE (approximately $8.25 million) from four exchanges within one hour. Another wallet withdrew 174,800 HYPE (approximately $15 million) from Byb's hot wallet. Withdrawals to cold wallets are generally a bullish signal, offsetting the team's transfers.

Third, negative signals also exist: the HYPE spot ETF continues to see net outflows, while venture capital firms such as Multicoin and a16z are also unstaking and selling. After recently selling HYPE, Arthur Hayes denied buying it back ("I didn't buy anything"), indicating that the divergence between bulls and bears at elevated levels is widening.

Outlook

HYPE is currently around $85-88, having edged down from the September 4 high of $88 and entering the digestion phase of the unlock window.

Key support levels below: $83 (the SMA-7 short-term moving average) is the first support, while $78.5 is the lifeline of the uptrend. A break below $78.5 would invalidate the current breakout pattern and could lead to a retest of $75.

Key resistance levels above: $90-95 is the resistance zone, while $100 is the psychological target watched by the market. Crypto News' year-end base-case target is $102, with the optimistic scenario at $122.

Assessment: The early-September unlock wave and the team's routine transfers are creating short-term supply pressure, but buybacks and burns and whale withdrawals are providing support. The price will likely fluctuate and consolidate in the $80-90 range. As long as $78.5 holds, the medium-term path toward $95-100 remains unchanged. If the unlock claim rate exceeds expectations (historically only 1.75%) or ETF inflows turn positive, HYPE could break above $90 ahead of schedule.

Conclusion

The team's transfer of 433,000 tokens is a routine monthly interest collection, not a signal of dumping, and its impact on the token price is limited when viewed in isolation. The key factors to watch are the actual claiming and selling of the 9.92 million tokens unlocked on September 6, as well as ETF fund flows. Short-term consolidation is expected in the $80-90 range, while the medium-term $100 target remains unchanged, though volatility will intensify during the unlock window. $HYPE