Foreign media reports that Hyperliquid's token HYPE has remained strong recently despite pressure from large-scale unstaking and profit-taking, rising more than 6.5% in the past 48 hours. This performance contrasts with the general market sentiment shifting towards risk aversion, prompting funds to reassess the underlying supporting factors.
Galaxy and Loracle have successively unpledged shares.
According to on-chain monitoring account Lookonchain, Galaxy Digital has unstaking 1 million HYPE tokens, following a previous deposit of 500,000 HYPE tokens. Meanwhile, Loracle has also unstaking approximately $51 million worth of HYPE.
In the crypto market, unstaking is often seen as a bearish signal more readily than regular selling. This is because profit-taking is often just a natural turnover after a price increase, while a large number of large holders unstaking usually means an increase in available shares, which raises concerns about potential increased selling pressure.
Prices did not weaken following the release of pledged shares.
However, HYPE did not weaken significantly due to this round of unstaking. Previously, the token had surged 37% to break through its all-time high of $63, before briefly retreating by about 1.38%. Given this context, it's not surprising that some long positions locked in profits.
However, judging from price performance, the market's ability to absorb new selling pressure remains strong. Foreign media believe that this trend indicates that buying pressure has not significantly withdrawn, and HYPE is currently maintaining a relatively independent operating rhythm, not fully following the decline in risk appetite in the broader market.
Traditional asset management focuses on supporting factors
The article argues that HYPE's recent performance is not solely driven by short-term speculation. Recent expressions of support from traditional asset management firms such as Bitwise Asset Management and Grayscale Investments are seen as a significant factor supporting market sentiment.
Grayscale once referred to the project as a "financial services giant." Based on this, foreign media outlets have concluded that as traditional financial institutions increasingly focus on Hyperliquid, the upward trend in HYPE is shifting from simple trading activity to a more fundamentally driven narrative.
If this buying continues and HYPE regains its $63 high, the market will likely continue to focus on its performance in the second quarter. However, the article also points out that the potential selling pressure from large-scale unpledged shares remains a variable that needs to be observed in the short term.
