Hyperliquid’s $224M Paradigm unstaking meets buyback hopes – Can HYPE hold $80?

Hyperliquid [HYPE] spiked briefly from $78 to $97 on October 29, after Intercontinental Exchange (ICE) announced it would partner with Hyperliquid in introducing a regulated perpetual futures market in the US. While the processing of this deal has stayed unclear, HYPE has cooled off from the news-driven pump. But major transaction activities are still ongoing. Some institutions are planning to sell while others are buying. Paradigm unstakes HYPE as revenue counters the selling pressure For instance, Paradigm unstaked 2.55 million HYPE tokens valued at $224 million from Hypercore across 15 wallets over the past two days. This amount is equivalent to 17.85% of their staked position, which is at 14.26 million HYPE, worth $1.26 billion. However, the unstaking from Hypercore does not guarantee automatic selling.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to AMBCrypto.