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...