Analysts say the weekend unlock introduces unavoidable selling pressure as community members call for clearer token management plans.
Hyperliquid is heading into its biggest tokenomics test yet as a $314 million HYPE unlock approaches. Scheduled for this Saturday, the release has triggered intense discussions across the ecosystem, with investors urging the team to clarify how newly unlocked tokens for core contributors will be handled. With the token already down over 20% this month, analysts warn that the event could fuel fresh volatility unless revenue growth offsets dilution concerns.
Major Unlock Raises Market Questions
According to Tokenomist data, Hyperliquid will unlock 9.92 million HYPE tokens — 2.66% of its supply — in a single “cliff unlock.”
The lump-sum release has amplified unease among holders, who fear that insiders gaining liquidity may add downward pressure.
A community member wrote an open letter urging the team to break its silence before the unlock. The note reflected broader sentiment that “the entire market has PTSD from the destruction on charts of VC-backed projects.”
At the time of writing, HYPE trades near $31, extending its month-long slide.
Arthur Hayes Issues Direct Warning
BitMEX co-founder Arthur Hayes delivered one of the strongest cautions yet, arguing that the unlock creates unavoidable sell-side risk.
“Even if the team pinky swears to not sell, there is nothing holding them to that… you have to assume a greater than zero percent amount of daily sell pressure,” he said.
Hayes highlighted the sharp drop in Hyperliquid’s price-to-FDV ratio since July, saying traders have already begun discounting dilution unless revenue continues to scale faster than supply.
Community Divided on Disclosure
While some investors demand clearer communication, not everyone believes the team needs to detail its plans.
One user argued that disclosing allocation and timing is enough, noting that teams are free to decide how they manage their tokens internally.
Another criticized the open letter entirely, calling it “borrowed conviction” and insisting the project’s contributors have “definitely earned their tokens.”
Perpetual DEX Volume Remains Strong
Despite market turbulence, the broader perpetual DEX sector has shown resilience. Data from DefiLlama indicates consistent daily volumes between $28 billion and $60 billion throughout November. The top four perp DEXs — Lighter, Aster, Hyperliquid, and edgeX — generated over $1 trillion in monthly volume.
The upcoming $314 million HYPE unlock places Hyperliquid at a pivotal moment. With experts warning of inevitable sell pressure and community members seeking greater clarity, the project’s communication in the coming days may shape both sentiment and price action. Still, strong trading volumes underline that Hyperliquid’s platform usage remains robust — even as the market braces for impact.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.