The request followed the closure of the HIP-3 Dreamcash market and came amid a broader HYPE decline as BlockBeats linked large-holder unstaking and a16z-linked selling to increased liquid supply.
Selini Capital requested to unstake 504,000 HYPE valued at $31.7 million after the HIP-3 Dreamcash market it had deployed and maintained was shut down, according to monitoring cited by Odaily. The required operational stake had generated nearly $20 million in profit. Separately, HTX data cited by BlockBeats on July 22 showed HYPE falling about 16% over 15 days, from $72.5 to $60.9, alongside other large-holder activity including Multicoin Capital unstaking 1.96 million HYPE worth about $120 million and a16z-linked wallets selling HYPE on July 17-18.