Hyperliquid’s HYPE Nears Record High as $560M Token Unlock Looms
Hyperliquid’s native HYPE token is riding a powerful rally, pushing into record territory just days before the project is set to release one of its largest monthly batches of previously locked tokens.
HYPE reached an all-time high of $83.27 on Sunday before pulling back toward $77.50. At those levels, Hyperliquid’s market capitalization is close to $19.5 billion.
The rally now faces a potentially important supply event. Hyperliquid is scheduled to unlock tokens on August 29, with approximately $560 million worth of supply allocated to insiders alone.
Since the network launched in November 2024, Hyperliquid has followed a fixed monthly unlock schedule covering portions of its 1 billion-token supply. The upcoming release will distribute tokens among three main groups: insiders, the community and the Hyper Foundation.
Insiders account for roughly 46.6% of the August distribution, while the community receives about 46.3%. The Hyper Foundation is allocated the remaining 7%.
A token unlock does not necessarily mean a price drop. The release simply increases the amount of HYPE that recipients could potentially sell. The market impact depends largely on whether those tokens are held, used within the ecosystem or sold into the market.
Previous unlocks have produced mixed results. HYPE declined about 7% following the July release and fell 14.1% after the May unlock, while the token gained around 1% after the June event.
Still, traders tend to pay particular attention to tokens distributed to early investors and contributors. These holders acquired their positions at much lower prices, potentially giving them a stronger incentive to realize profits after a major rally.
Hyperliquid’s broader growth has also helped fuel attention around HYPE. Earlier this month, Coinbase introduced 50x perpetual futures on its Base app using Hyperliquid’s infrastructure, giving the protocol a larger role in the wider crypto trading ecosystem.
Regulatory developments have added another bullish element. U.S. President Donald Trump recently mentioned Hyperliquid during comments ahead of a meeting with cryptocurrency industry executives. Hyperliquid is currently unavailable to U.S. users, but Trump said the Commodity Futures Trading Commission is working toward bringing the platform into the United States in a compliant manner.
That possibility comes as the Trump administration continues to push for a more crypto-friendly regulatory framework. Trump has also urged lawmakers to advance the Clarity Act, adding to expectations that major digital-asset platforms could eventually gain clearer access to the U.S. market.
For HYPE holders, however, the immediate focus is the August 29 unlock.
With the token trading below its record high, roughly $560 million in insider-facing supply is about to enter circulation. Whether those tokens are sold or retained could determine how much pressure HYPE faces after its recent surge.
The next major unlock is scheduled for September 29 and is expected to be of a similar size, keeping token supply firmly on traders’ radar over the coming weeks.