An analysis shows that after the announcement of the Kinetiq launch, HYPE token holders began to withdraw their funds en masse, signaling potential significant shifts in the ecosystem.
Mass Withdrawal of HYPE Tokens
In the hours following the announcement of Kinetiq's launch, data indicated that approximately 1 million HYPE tokens—worth around $40 million—entered the unstaking queue. The majority of these tokens were associated with just three large wallets, which collectively moved over 847,000 HYPE out of existing validators.
Kinetiq's Statement
Kinetiq released a statement explaining that the early notice aimed to give participants across different time zones adequate time to prepare, considering the protocol’s seven-day unstaking delay. However, the magnitude and speed of the withdrawals suggest that whales are positioning themselves ahead of the protocol’s upcoming features.
Growth of Hyperliquid and New Features Launch
Meanwhile, Hyperliquid is experiencing rapid growth while the Layer 1 network’s HyperEVM sees record activity. Over the past 24 hours, the protocol recorded $5 billion in trading volume and over $200 billion in the past month—nearly ten times the volume of its nearest competitor, according to DeFiLlama.
All eyes are now on July 15, as the ecosystem braces for one of its most significant launches yet.
