The Hyperliquid team started moving 3.75 million tokens out of staking at the end of last month. It took seven days to complete, and by October 7th, all of it had been transferred to their spot account. At the time, this batch was worth $330 million, making it the largest allocation in their history. The co-founder mentioned in Discord last week that this was pre-arranged with an institution and wouldn’t go through the open market. The on-chain movements afterward were more complex than the announcement. Half of the tokens were first split across five addresses, each holding 375,000. A few days later, they were consolidated back into a single wallet. 1.25 million were re-staked, while another 625,000 were left in a separate address. The terms and the buyer’s identity haven’t been disclosed at all. There’s also a fund on the protocol side that uses fees to buy tokens, which has accumulated 48 million tokens, spending $1.36 billion in total. Currently, the total circulating supply is 955 million tokens. As for the price, it closed at 92 on October 6th. Now it’s at 81.4, a drop of nearly 11%. The fund has been consistently buying tokens, but the price keeps trending downward. I’m betting that the institution’s share will wait for the market to recover before re-entering circulation. The timing is entirely up to them.