$10.57M
native token, HYPE, will begin a scheduled release of tokens to team members on November 29.
This event marks the start of a two-year vesting plan that could create noticeable pressure on the token’s market price.
The release is expected to unlock around $500 million worth of tokens each month, which totals $11.9 billion over the entire period.
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The analysis, published by Maelstrom, a fund led by Arthur Hayes, co-founder of BitMEX
$96.51K
, describes this moment as a serious test for the project.
According to Maelstrom researcher Lukas Ruppert, only a small portion of these monthly unlocks, which is roughly 17%, can currently be absorbed through buybacks. That leaves a large amount, estimated at $410 million each month, potentially entering the open market.
Ruppert highlighted the motivation behind early sales by developers by noting the appeal of receiving tokens that represent personal financial gains. He stated that once those tokens are unlocked, “it’s only one click away”.
Although Hyperliquid holds $305 million in cash that could be used to buy back tokens, Maelstrom suggested this would still fall short when compared to the large upcoming supply.
Ruppert also noted that while digital asset treasuries (DATs) such as Sonnet are expanding, they are unlikely to offset the full impact of these unlocks.
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