Successful individuals always attract the covetous gaze of numerous "predators."

Written by: Maelstrom

Translated by: Saoirse, Foresight News

Hyperliquid has experienced a glorious period of development — its ecosystem has flourished, trading volume has reached historical peaks, and the USDH bidding war has become one of the most watched "hot events" in the cryptocurrency field. However, beneath the "crown" hangs the "sword of Damocles": HYPE is about to face its first real test.

Starting from November 29, 237.8 million HYPE tokens will be gradually unlocked over 24 months. Based on a token price of $50, the total value of the tokens unlocked by the team amounts to $11.9 billion, which means nearly $500 million in nominal value of tokens will flow into the market each month.

What’s the problem? The current buyback scale can only absorb about 17% of the unlocked tokens, meaning there will be a surplus of $410 million in tokens each month. Has the market fully absorbed the impact of such a large volume of unlocks?

Research support: @lukas_rppt

Let’s think from another perspective: If you were a developer at Hyperliquid, having put in tremendous effort over the years, and now a life-changing amount of tokens is about to be unlocked, which can be liquidated with just one click — what would you choose?

Can DAT turn the tide?

With the help of Sonnet, one of the largest decentralized autonomous teams/funds (DAT) in the history of the crypto industry, deployment is expected to be completed by the fourth quarter of 2025. The project has raised approximately $583 million through HYPE tokens and $305 million through cash. However, even when adding Sonnet's funds to those of other smaller HYPE DATs, it still pales in comparison to the upcoming HYPE token unlock volume, which is merely "a drop in the bucket."

When "sharks" smell "blood"

In the cryptocurrency industry, seizing the initiative does not come without challenges. The marketplace is like a battlefield; historical data shows that the "lifecycle" of most cryptocurrency products is relatively short — successful individuals always attract the covetous gaze of numerous "predators." The current competition is intensifying: there is pressure from leading exchanges and the impact of new entrants like Lighter.xyz (an investment company under Maelstrom). Moreover, Zhao Changpeng launched Aster two months before the HYPE unlock — this is likely not a coincidence.

The game should be over!

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