Hyperliquid (HYPE) rose from $78 to $97 on October 29 after Intercontinental Exchange announced a partnership to launch a regulated perpetual futures market in the United States. The price later retreated, and trading activity remains mixed, with some institutions buying and others selling.
Paradigm unstaking activity
Paradigm removed 2.55 million HYPE tokens, valued at about $224 million, from the Hypercore staking contract over the past two days. The tokens were transferred from 15 wallets and represent 17.85% of Paradigm’s total staked position of 14.26 million HYPE, worth roughly $1.26 billion. The unstaking does not automatically imply a sale; the impact depends on whether the tokens are moved to exchanges.
Buyback funding sources
Hyperliquid is expected to receive more than $15 million in November from Circle’s AQAv2 reserve yield framework. A similar amount was deposited in USDC in October and used for buybacks. In October, the protocol collected over $87 million, which could also support the buyback program. A test transfer of 2.52 USDC has already reached the Hyperliquid Assistance Fund.
Market dynamics
On the 4‑hour chart, HYPE remains above $80, a level that previously acted as support. The cumulative volume delta (CVD) shows modest selling, with over 450 k HYPE tokens sold on Binance’s perpetual futures market, while open interest declined as the price fell, suggesting limited bearish positioning.
If support at $75 holds, the next bullish target could be near $98. A break below $75 might lead to further downside.
Summary
Paradigm’s unstaking represents a notable portion of its stake, but ongoing USDC yield and revenue streams may offset potential selling pressure through buybacks. HYPE’s price is retracing from its recent peak, yet the market structure on shorter timeframes remains bullish unless key support levels are breached.
