One of the most popular altcoins in the cryptocurrency market in recent days will have a major token unlock tomorrow
Hyperliquid’s native token, HYPE, will face one of the year’s largest key releases on October 6th. According to Tokenomist data, approximately 3.75 million HYPE will be released
The tokens, currently worth approximately $337 million at the time of writing, represent 1.69% of the existing free supply. The expansion will reportedly be funded from the allocation reserved for Hyperliquid’s key contributors
However, not all 3.75 million HYPE tokens are expected to be sold directly on exchanges. Hyperliquid Labs has reportedly reached an agreement to sell these tokens to a single institutional buyer via an over-the-counter transaction
Conducting the transaction outside of an exchange could prevent hundreds of millions of dollars worth of HYPE from being suddenly put up for sale on publicly available order books. This is a significant detail that could mitigate direct selling pressure in the short term
However, the identity of the institutional buyer, the price paid for the tokens, and whether any mandatory holding period was applied were not disclosed. Therefore, there is no known definitive obstacle preventing the buyer from subsequently sending the tokens to exchanges
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An institutional buyer sounds like a company that will offer them in one or several products they will be setting up. Such as an ETF. What other reason does an institutional buyer make such purchases?
