HYPE
Hyperliquid released approximately 9.92 million HYPE tokens on September 6, worth roughly $820 million at the prevailing market price of $82.60 per token. The unlock represents a significant addition of supply, but historical on-chain data suggests that most newly unlocked HYPE has not been immediately sold into the market.
Following the March 2026 unlock, only about 1.75% of the newly unlocked supply reached exchanges during the first 30 days. This pattern indicates that token unlocks have not necessarily translated into equivalent immediate selling pressure, although the latest release still adds a substantial amount of potentially tradable supply.
HYPE has also entered the latest unlock event from a position of strength. The token has gained more than 50% since breaking out of the $55–$60 range in mid-August and reached an all-time high of $88.06. Its ability to remain above $80 through multiple unlock events in recent months has reduced the immediate evidence of sustained price pressure from newly released tokens.
At the same time, Hyperliquid’s token economics include an ongoing supply reduction mechanism. The Assistance Fund has burned 48.42 million HYPE through automated buybacks funded by 99% of eligible trading fees, permanently removing approximately 4.84% of the token’s maximum supply.
Treasury demand also remains a significant factor. Hyperliquid Strategies, the Nasdaq-listed treasury company, held 29.3 million HYPE worth approximately $1.9 billion as of June 30 and expanded its equity facility to $2.5 billion for potential additional purchases.
The latest unlock therefore places a large amount of HYPE into circulation, but its potential market impact depends on how much of the released supply ultimately reaches exchanges. Historical exchange flows, continued token burns and potential treasury purchases remain key factors to watch as the market absorbs the new supply.
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