Taiwanese music celebrity and well-known digital asset investor Huang Licheng, also known as "Machi Big Brother," sold off all his Hyperliquid holdings at a loss of millions of dollars amid growing concerns over the upcoming token release schedule.
According to blockchain data shared by pseudonymous analyst MLM in a post on X on Tuesday, this celebrity and notable Bored Ape Yacht Club collector sold $25.8 million worth of Hyperliquid (HYPE) tokens, realizing a total loss of $4.45 million after holding them for several weeks.
The account also relinquished over $19 million in unrealized profits over the past week.
Despite the increasing losses, Hypurrscan's blockchain data shows he still holds long positions in Ethereum (ETH) worth over $117 million and a $28.4 million position in Pump.fun (PUMP).
This sell-off followed a whale withdrawing $122 million in HYPE tokens on Monday, indicating profit-taking and raising concerns about the token's ability to absorb the upcoming supply pressure.
On Monday, Maelstrom, the family office fund of BitMEX co-founder Arthur Hayes, issued a warning about the upcoming HYPE token unlock, which will face its "first real test" on November 29, when a 24-month release schedule will begin.
Maelstrom researcher Lukas Ruppert stated that the release plan will distribute $11.9 billion worth of HYPE tokens to team members, and the current buyback can only absorb about 17% of the monthly supply, leaving a potential suspended supply of $410 million.
This research was published shortly after Hayes sold all his HYPE tokens, with Cointelegraph reporting earlier on Monday that he apparently used the funds to pay a deposit on a new Ferrari.
Before the unlock, Hyperliquid's perpetual futures market share plummeted. According to Dune data, the platform accounted for only 33% of the decentralized exchange (DEX) market share on Tuesday, down from 65% in mid-July.
Sarah Song, head of business development at BNB Chain, stated that the decline in Hyperliquid's market share is part of a "broader competitive cycle," indicating the ongoing evolution of DEXs:
Song added that the future DEX landscape largely depends on how protocols address "fundamental challenges," such as sustainable liquidity provision, diverse collateral types, product design, and the performance of the underlying blockchain, as cost efficiency and latency remain "key constraints" for mainstream adoption.
During the same two-month period, Aster's market share rose from 1.3% to 20%, while Lighter's share increased from 12.8% to 17.1%.
Cointelegraph previously reported that Aster, a decentralized perpetual trading platform associated with Binance co-founder Zhao Changpeng, briefly surpassed $2 billion in total locked value after the launch of its Aster (ASTER) token.
The HYPE token surged to a historic high of $59.29 on Thursday, just hours after Zhao Changpeng released ASTER. Cointelegraph data shows that at the time of writing, the HYPE token was trading at $48.20, down about 9% on the weekly chart.
Related: After Arthur Hayes' exit, Hyperliquid whale withdraws $122 million in HYPE tokens
Original article: “Machi Big Brother's $25 million HYPE bet closed at a $4 million loss”
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