Hyperliquid Labs unstaked 3.75 million HYPE tokens worth approximately $330 million, transferring half of that amount to five institutional buyers via OTC wallets, with each buyer receiving 375,000 tokens. This operation, completed on October 7, 2026, represents the largest token distribution in the project’s history, standing 8.65 times larger than previous monthly distributions that ranged between 140,000 and 534,000 tokens. The transferred tokens are subject to an OTC agreement with an undisclosed institutional counterparty and will not enter public markets, alleviating fears of selling pressure. The nominal figure listed for October’s distribution was 9.9 million HYPE, but only 3.75 million was actually unstaked, representing approximately 1.5% of the circulating supply.
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