Hyperliquid’s HYPE token fell below $56 on Monday as nearly $150 million of institutional holdings moved through the network’s unstaking queue.

The token declined about 6% over 24 hours and nearly 10% from recent highs around $62. The move followed requests from Multicoin Capital, Selini Capital and other large holders to release staked HYPE, prompting concern that part of the balance could reach spot markets once the waiting period ends. Because Hyperliquid’s onchain positions are visible, large unstaking requests can attract attention even before any tokens become transferable.

Multicoin requested the unstaking of about 1.96 million HYPE, worth roughly $120 million when the transactions were submitted. Selini removed another 504,000 tokens, then valued at about $31 million, as it wound down exposure connected to Dreamcash.

Multicoin managing partner Tushar Jain said the withdrawal of 1.96 million HYPE was not intended for sale. He said the transactions were part of regular wallet rotation required by institutions whose positions are continuously tracked onchain.

Exchange activity reaches 2026 high

The token weakness has diverged from activity on Hyperliquid’s derivatives exchange.

Open interest reached approximately $11.45 billion, its highest level of 2026, while perpetual trading volume exceeded $9.29 billion over 24 hours. The platform generated about $2.2 million in daily fees and $1.51 million in protocol revenue.

Non-crypto contracts have accounted for a growing share of that activity. Hyperliquid’s real-world asset open interest recently reached a record $3.6 billion, led by perpetual markets tracking equities, commodities and indices.

Hyperliquid routes 99% of eligible spot and perpetual trading fees into its Assistance Fund for HYPE purchases. Cumulative burns reached about 47.3 million HYPE, equal to 4.73% of the original one-billion-token maximum supply, tying token economics directly to exchange usage rather than to a separate treasury decision.

Traders focus on $56 support

HYPE’s decline placed the token near the $56 to $57 support zone that contained its previous pullback. A sustained break below that range would expose $50, followed by stronger support around $45.

Buyers are pointing to rising exchange revenue, fee-funded token purchases and new uses for HYPE staking. Hyperliquid’s permissionless outcome-market plan will require developers to lock 500,000 HYPE for six months, adding another source of token demand as HIP-4 expands.

The current unstaking requests remain subject to Hyperliquid’s seven-day waiting period. Tokens submitted around July 22 are expected to become transferable between July 28 and July 29, which is the next point at which wallet activity can show whether the balances are rotated, restaked or moved toward exchanges.