Paradigm unstaked 2.55 million HYPE tokens worth $224 million from Hypercore, representing 17.85% of its staked position. The withdrawal does not necessarily mean that the tokens will be sold, but a transfer to an exchange could increase selling pressure. Hyperliquid could offset this potential selling through buybacks funded by protocol revenue and USDC yields linked to Circle’s AQAv2 reserve framework. After reaching $97 on October 29, HYPE has retraced, but its market structure remains bullish as long as the $75 to $80 support area holds. A break below $75 would weaken the bullish scenario, while a rebound from $80 could target $98.
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