Hyperliquid Labs to conduct private 3.75M HYPE token sale

Hyperliquid Labs has announced a private over-the-counter (OTC) sale of 3.75 million HYPE tokens, scheduled for October 7. According to co-founder Iliensinc, the transaction is intended for an institutional buyer rather than being released to public markets, a move expected to mitigate selling pressure on exchanges.

The HYPE token recently reached an all-time high of $97.96 on September 23 before stabilizing near the $91.50 range. This price action follows several developments, including the expansion of HyperEVM, which allows Solidity smart contracts to interact with Hyperliquid’s native central limit order book. Additionally, spot ETFs tracking HYPE have surpassed $500 million in assets under management, and Binance listed HYPE spot trading pairs in late September.

Despite recent growth, the market has faced volatility due to a previous unlock of approximately 9.9 million HYPE tokens in September. Analysts are monitoring the upcoming private sale and HyperEVM’s total value locked as key indicators for future price movement.