$330 million HYPE exits pledge, market worries about unlocking selling pressure, where did it end up? Yesterday we discussed that Hyperliquid is repurchasing HYPE every day, but can these buying orders offset the new supply? Today, the team's large token transfer provided a specific case for this issue About 3.75 million HYPEs, worth approximately $330 million, have been withdrawn from staking by Hyperliquid Labs Such a large chip, if sold directly in the order book, is enough to make the holder nervous But according to on chain data, this batch of HYPE corresponds to the previously announced institutional OTC sale, and the transaction was not directly completed through public trading That is to say, the team is indeed selling tokens, but the institution has taken over this batch of chips through over-the-counter trading 3.75 million HYPEs were transferred in two rounds to the same five new wallets, with a total of 750000 received in each wallet. They were then collected into a wallet that had previously been deposited by Kraken, which subsequently pledged 3.125 million HYPEs worth approximately $276 million, using Hyperliquid Strategies x Unit validators The remaining 625000 pieces, worth approximately $55 million, were transferred to another wallet on HyperEVM In other words, about 83.3% of the chips were transferred and then entered into staking The market was originally worried that after the release of team chips, it would become a concentrated sell order? At least from the whereabouts traced this time, most of the chips did not immediately enter the public market for sale, but were instead re pledged by the receiving party However, Hyperliquid Strategies themselves are also continuing to increase their HYPE holdings. They bought about 1.5 million HYPEs worth approximately $130 million last week, while still having about $263 million in cash available This indicates that HYPE's capacity to undertake is not limited to the Assistance Fund The agreement uses revenue to repurchase, while institutions use their own funds to buy and hold The roles of the two types of funds are different The repurchase of Assistance Fund is linked to the agreement income, and the repurchased tokens are removed from circulation according to the existing mechanism; Institutional purchases transfer chips to their own balance sheet. It can be held for the long term or sold due to financing, cash needs, or changes in investment strategies No matter who the buyer is, the market can now know that long-term supply is held by ecosystem partners, so it can steadily move forward and cover these unlocks. HYPE Hyperliquid repurchase pledge