Continue Capital mở khóa 603k HYPE sau: Phân tích hành vi thoái vốn của VC và áp lực bán token

On-chain monitoring shows that Continue Capital, a crypto venture capital firm, completed a large unstaking operation of HYPE tokens on April 9, 2026, involving 603k tokens, valued at approximately $23.3 million at the then-current price. This move quickly drew market attention, not only because of the unstaking itself but also due to its association with a wallet that had previously performed a similar operation—selling 320k HYPE tokens after an earlier unstaking, forming a traceable historical behavior pattern.

Token unlocks in 2026 have become one of the most predictable yet impactful sources of price volatility in the crypto market. When such unlocks coincide with real on-chain transfers by VC institutions, they trigger not only supply changes for individual projects but also prompt the market to reevaluate the entire VC exit mechanism. This article will analyze the logical chain of this unlock event from multiple dimensions.

What does the $23.3 million unlock mean for HYPE’s supply side

In absolute terms, 603k HYPE tokens are worth about $23.3 million. Compared to Hyperliquid’s release of approximately $40 million worth of tokens on April 6, 2026, Continue Capital’s single unstaking amount is significant. In liquidity structures, a single unlock exceeding $20 million often tests the market’s capacity to absorb such large inflows in the short term.

However, the quantity alone does not present the full picture. The key lies in the intent behind the unstaking—whether it is for long-term holding, protocol re-staking, or transferring to exchanges for sale. Continue Capital has previously sold directly from unstaked tokens, indicating that this unlock may follow the same pattern. The market should focus not only on the scale of the unlock but also on the subsequent flow of funds on-chain.

How is Hyperliquid’s token unlock mechanism set up?

Hyperliquid’s tokenomics involves a core contributor unlocking schedule that follows a 24-month linear plan starting from late 2024. This means a certain amount of tokens are released into circulation each month. In February and March 2026, the project unlocked 9.92 million tokens (about $305 million) each time, representing one of the largest dollar-value unlock events at that time.

As an early participant in Hyperliquid’s ecosystem, Continue Capital’s unlock pace is not fully synchronized with the project’s core contributors’ schedule. The 603k tokens unstaked this time are independent of the project’s monthly unlocks—they occurred after the project’s April unlock, suggesting that VC institutions may be operating based on their own fund management rhythm rather than the project’s release schedule. This asynchronous timing increases the difficulty of market prediction and makes on-chain monitoring a key tool for assessing supply.

What does the 320k sell record of the related wallet reveal?

The traceability of on-chain data provides a historical reference for this unlock event. A wallet associated with Continue Capital previously unstaked and actually sold 320k HYPE tokens. This historical behavior pattern offers a reference framework for expectations about this unlock.

From a logical perspective, if the current 603k tokens are sold at a similar ratio to the previous sale, the potential sell-off could range from 300k to 400k tokens, corresponding to about $11.5 million to $15.5 million. However, it’s important to note that each unlock’s market environment, liquidity depth, and the fund strategies of the institutions involved can change, so past behavior does not directly predict future decisions. Market participants often view such on-chain records as risk signals rather than definitive indicators.

Can the market absorb the potential $23.3 million sell pressure?

As of April 10, 2026, according to Gate’s market data, HYPE’s price was around $38.38. Although it previously experienced a correction from a high of $43.8 in March—about 17%—the price did not collapse sharply after the unlock event but found support near $38.5.

Assessing market capacity requires multiple data points. First, as the native asset of Hyperliquid’s ecosystem, HYPE’s liquidity depth on Layer 1 and DEX platforms is among the top. Second, Hyperliquid’s HIP-4 mechanism allocates 97% of fee income to buy back HYPE, creating a continuous absorption of circulating supply. Additionally, on April 9, 2026, a whale purchased approximately 67,648 HYPE tokens for about $2.6 million at an average price of $38.49, indicating that large funds are still entering after the unlock.

These factors together form a buffer layer for the unlock event. However, it should be clear that the impact of sell-offs from unlocks usually does not fully manifest on the day of the event—markets typically take 1 to 3 trading days to digest the new supply.

How does the VC’s sell-off behavior affect token prices?

The selling pressure caused by token unlocks fundamentally stems from the cost difference between early investors and secondary market buyers. VC institutions often acquire tokens at significantly lower prices during private rounds; even when they sell at market prices after unlocks, they can realize substantial unrealized gains. When the market anticipates this pattern, prices tend to react in advance—partially pricing in the sell pressure before the unlock occurs.

Continue Capital is not just a passive investor in Hyperliquid. In March 2026, the firm faced a large forced liquidation of synthetic stock positions on the Hyperliquid platform, highlighting the high risks associated with leverage trading on decentralized derivatives platforms. This background adds an extra dimension to interpreting this unlock: the fund’s decision-making may be influenced by asset management needs, risk control adjustments, and liquidity arrangements.

Why does the token unlock wave in 2026 require ongoing monitoring?

2026 is considered a “big year” for token unlocks in the crypto industry. In just the first week of March, over $572 million worth of tokens were released. Projects like GoldFinger, Humanity Protocol, Jupiter, and others have released large-scale tokens at different times. The issue of VC token unlocks is evolving from a single event to a systemic concern—early institutional investors entered at very low costs during private rounds and now enjoy huge gains, with each unlock potentially bringing real selling pressure.

From an industry evolution perspective, token unlocks are becoming a key indicator for assessing the long-term health of projects. Projects that can smoothly absorb large unlocks while maintaining price stability and ecosystem activity tend to have stronger market trust. Conversely, the “unlock and crash” pattern continues to be validated as a high-risk signal. For HYPE, its unlock structure is relatively transparent and partly priced in, but individual VC behaviors remain unpredictable variables.

How are crypto VC exit strategies changing?

Since 2026, the investment logic and exit strategies of crypto VCs are undergoing structural adjustments. By early April, VC firms had invested over $2 billion in crypto projects, with weekly inflows exceeding $400 million. However, capital deployment is highly concentrated in infrastructure, compliance layers, and real-world asset tokenization (RWA), rather than early community-driven or narrative tokens. Meanwhile, investment criteria have shifted from “community growth and narrative-driven” to “real revenue, regulatory advantages, and institutional clients.”

This trend has profound implications for token unlocks. VC exit pacing is no longer solely determined by unlock schedules but also influenced by portfolio risk adjustments, macro liquidity expectations, and sector rotation. Continue Capital’s recent unlock of HYPE can be seen as a routine event within the token unlock calendar, but also within the broader context of crypto VC reducing exposure to altcoins and reallocating funds.

Summary

On April 9, 2026, Continue Capital unlocked 603k HYPE tokens, worth about $23.3 million. The previous sell record of 320k tokens by the associated wallet provides a behavioral reference. The potential impact of this unlock depends on three core variables: market liquidity depth, the protocol’s buyback capacity, and the actual sell ratio of VC institutions. HYPE’s support at around $38.38 suggests some resilience, but full absorption of the sell pressure may take several days.

2026 is a peak year for token unlocks in the crypto industry. VC exit behaviors are evolving from isolated events into systemic market dynamics. For market participants, continuously tracking on-chain wallet transfer paths, project buyback mechanisms, and macro liquidity changes is an effective way to manage the impact of the unlock wave.

FAQ

Q1: Has Continue Capital already sold all the HYPE tokens it unlocked?

As of April 10, on-chain data shows Continue Capital has completed unstaking, but the specific transfer and sale details require ongoing monitoring. The previous record of the associated wallet indicates some sales, but the final disposition of this unlock remains undisclosed.

Q2: How long does the impact of VC unlocks on HYPE’s price usually last?

Market pricing of unlock events is often partially reflected before the event. If actual selling occurs, its impact generally concentrates within 1 to 3 trading days after the unlock. If the unlocker chooses to sell gradually, the impact period may extend.

Q3: How to monitor VC behavior after token unlocks?

On-chain monitoring tools can track the transfer paths of tokens from unlock wallets, focusing on whether tokens are transferred to exchange deposit addresses and whether there are significant order placements or trades afterward.

Q4: What other major token unlocks in 2026 are worth watching?

Throughout 2026, various projects including Hyperliquid, Sui, Ethena, and others will have scheduled token unlocks. It is recommended to follow data sources like Token Unlocks and pay attention to concentrated release windows at the beginning and end of each month.

Q5: What is the difference between VC unlocks and project team unlocks?

Project team unlocks typically serve ecosystem incentives, team rewards, or protocol development, with relatively weaker selling motives. VC unlocks are primarily driven by exit and realization of investment gains, often exerting more direct market selling pressure.