The Hyperliquid (HYPE) token is under heavy selling pressure as concerns mount over a looming $12 billion unlock event. Trading at $43.37, HYPE has fallen more than 12% in the past 24 hours and is down 20.8% this week, raising alarm across the crypto market.

The scheduled unlock on November 29 will see team tokens representing 23.8% of the total supply released over 24 months, with analysts warning of $500 million in monthly selling pressure.

Research group Maelstrom described the upcoming vesting as a “Sword of Damocles” moment, noting that only 17% of the supply may be absorbed by buybacks.

This overhang has already caused major whales to trim their positions, with one investor withdrawing $122 million worth of HYPE while holding onto $90 million in unrealized profits.

Arthur Hayes’

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