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Galaxy Digital Unstakes 1 Million HYPE and Sends Half to Bybit and OKX

According to Onchain Lens (blockchain data tracker), Galaxy Digital received HYPE tokens worth $61.5 million from unstaking (unlocking previously staked tokens) and transferred 500,000 HYPE to two crypto exchanges.

HYPE

Summary

Galaxy Digital received 1 million HYPE tokens valued at $61.5 million after unstaking (unlocking previously staked tokens), according to Onchain Lens (blockchain data tracker) on May 29. The firm then deposited 500,000 HYPE, worth $30.36 million, to Bybit and OKX, two cryptocurrency exchanges. In crypto markets, transfers from unstaking into exchanges are commonly watched because exchange deposits can increase readily tradable supply, although the source only confirms the movement of funds and not any intended sale.

Terms & Concepts
  • Unstaking: The process of withdrawing tokens that were previously locked in staking (locking crypto to support a network) so they become transferable again.
  • HYPE: A cryptocurrency token referenced in the source. Its reported transfers and exchange deposits are tracked through public blockchain data.
  • Onchain Lens: A blockchain data tracker that monitors and reports wallet movements, token transfers, and exchange deposits using onchain (public blockchain-recorded) information.