Maelstrom Warns $11.9B HYPE Unlocks Could Pressure Token

Hyperliquid’s native HYPE token faces mounting risks as a massive $11.9 bn unlock begins on Nov. 29, according to research from Arthur Hayes’ Maelstrom Fund.

The 24-month vesting schedule will release roughly $500 mln worth of tokens each month, with Maelstrom estimating that current buybacks cover only 17% of that supply. That leaves about $410 mln in potential selling pressure monthly.

«This is the token’s first true test,» wrote Maelstrom researcher Lukas Ruppert, warning that team members may be tempted to cash in on life-changing sums.

The warning comes as Hayes sold his personal HYPE holdings, reportedly to fund a Ferrari purchase, even as he reiterated his long-term call for a 126x rally by 2028.

Competition is also intensifying: rival DEX Aster, backed by Binance co-founder Changpeng Zhao, recently crossed $2 billion in total value locked. Maelstrom suggested the timing of its token launch, just ahead of HYPE’s unlocks, was «probably not a coincidence.»

Despite near-term risks, HYPE recently hit a new all-time high of $59.29, underscoring strong investor interest ahead of its biggest market test.

Kursiv Uzbekistan also reports that The Central Bank of Uzbekistan has confirmed that it will not be including cryptocurrencies in its international reserves for the foreseeable future.