Galaxy Digital has withdrawn 1 million HYPE tokens (valued at approximately $61.16 million) from staking, with 500,000 tokens ($30.36 million) already deposited to major cryptocurrency exchanges Bybit and OKX, according to blockchain analytics platform LookOnChain.
The large unstaking event and subsequent exchange deposits suggest potential selling pressure from the institutional investor. The transfer of half the unstaked amount to liquid trading venues typically precedes token sales or positions adjustments in crypto markets. Galaxy Digital's movement comes amid ongoing volatility in alternative layer-1 blockchain tokens, with the timing of the deposit raising questions about the firm's medium-term outlook for the HYPE asset.
The remaining 500,000 HYPE tokens remain in Galaxy Digital's custody, leaving open the possibility of additional exchange transfers or alternative deployment strategies. Market participants are monitoring whether additional portions will be moved to exchanges in the coming days, which could signal further liquidation or a phased approach to position reduction.