HYPE faces institutional unstaking and sell-off surge, down 16% cumulatively over the past 15 days.

According to HTX market data, HYPE has underperformed recently, accompanied by institutional unstaking and sell-off waves. Over the past 15 days, its price has dropped from $72.5 to $60.9, a cumulative decline of around 16%. The following are the whales and institutions involved in recent unstaking and selling activities: Multicoin Capital unstaked 1.96 million HYPE tokens (valued at approximately $120 million) from three wallets in the early hours of today. These tokens were staked about two months ago. Ironically, in its latest June report, Multicoin Capital projected HYPE could reach $319 by 2028, implying a potential 4x upside. Yesterday, Selini Capital requested to unstake 504,000 HYPE tokens worth $31.7 million. This address deployed the HIP-3 Dreamcash market; following the announcement of the market’s closure, Selini is unstaking the HYPE required for deploying and maintaining the market, having earned nearly $20 million from this "investment". On July 18, a whale address associated with a16z continued to offload HYPE, selling 421,796 tokens worth around $25.3 million within 24 hours. On July 17, an execution address suspected to be linked to a16z sold 105,400 HYPE spot tokens in a single day, with a transaction volume of approximately $6.4812 million at an average price of around $61.49.