Hyperliquid Labs is unstaking 3.75 million HYPE tokens worth about $329 million for transfer to a single institutional buyer in an over-the-counter transaction. Co-founder iliensinc disclosed the plan on the project's Discord server on Wednesday, saying the tokens represent Hyperliquid's October team payout. The allocation equals roughly 1.5% of HYPE's circulating supply and will avoid an immediate sale through exchange order books, where a transaction of that size could weigh on prices. HYPE traded at $90, up nearly 5% on the day. The buyer, purchase price and any lock-up requirements have not been disclosed. Once the tokens are delivered after October 7, blockchain records could show whether they move to exchange wallets, are held, or are restaked. Previous HYPE unlocks produced mixed market reactions, with the token falling as much as 3% within 14 days after its August unlock and 7% after July, while gaining 1% after June.