Key Notes

Hyperliquid’s $60M HYPE unlock hit a market stuck in a prolonged downtrend.

On-chain data shows most contributors held or restaked their tokens.

Technicals place HYPE at the bottom of a falling wedge.

The team behind decentralized exchange Hyperliquid released 1.75 million HYPE tokens to developers and core contributors, worth more than $60.4 million, as part of its long-standing vesting schedule.

The unlocking comes on the first anniversary of Hyperliquid’s historic airdrop, one of the largest and most community-focused token launches ever seen. On the other hand, the price of the HYPE token dropped more than 23% in the past month and almost 5% in the last 24 hours, as per CoinMarketCap data .

The Hyperliquid team confirmed that 1.75 million HYPE tokens were unlocked o

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