What happened
On-chain monitoring from MLM shows that since HYPE team token unlocks began in December 2025, 4.93 million HYPE tokens have been allocated to team members, worth about $270 million at current prices and representing 0.493% of the total supply.
Why it matters for the market
Of those, 1.19 million HYPE were sold on the open market for roughly $32.5 million, while another 3.14 million HYPE were transferred to OTC trading platforms, valued at about $132 million at the time of the transfer. In total, approximately 4.33 million HYPE have been sold for around $165 million, with an average monthly sell rate of about 540,000 HYPE, or roughly $20.6 million.
Over the same period, Hyperliquid's aid fund has accumulated buybacks of approximately 9.8 million HYPE, investing about $364 million. That translates to an average monthly buyback of around 1.23 million HYPE, worth close to $46 million.
The buyback pace is more than double the selling pace of current and former team members, according to the data. This suggests the aid fund is absorbing far more supply than the team is releasing into the market, a dynamic that traders often watch as a potential counterweight to selling pressure.
What traders should watch
For intraday and short-term speculators, the key question is whether this net absorption continues to support HYPE's price action. While team selling can create overhead supply, the larger buyback flow may help cushion downside moves. Still, overall market liquidity, volatility, and broader crypto risk appetite remain decisive factors for how the token trades in the near term.
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