Hyperliquid falls 15% as funds withdraw $150M in stakes

The Hyperliquid (HYPE) token faced significant selling pressure this week, dropping to around $58 on Wednesday, July 22, 2026, as major investment funds initiated large-scale withdrawals from staking contracts. The token's price fell approximately 15% over the past week, including a sharp 7% decline in a 24-hour period, erasing gains from a recent peak near $70.

The immediate catalyst was on-chain data revealing coordinated unstaking activity by prominent crypto venture firms. Multicoin Capital requested to withdraw a total of 1.96 million HYPE tokens, valued at roughly $120 million, from staking positions across three wallets. Blockchain analysts also reported that the firm deposited approximately 395,570 HYPE, worth $23.78 million, to the institutional trading platform Coinbase Prime, an action widely interpreted as preparatory for a sale. Separately, Selini Capital unstaked about 504,000 HYPE, worth around $31 million. Combined, the pending withdrawals from these entities exceed $150 million.

The scale of these unlocks presents a substantial supply overhang for HYPE's spot market, which analysts describe as relatively thin. Data indicated spot trading volume was approximately...