The DeFi project saw an institutional unstaking and sell-off wave, with a cumulative 16% decline in the past 15 days.

BlockBeats News, July 22nd. According to HTX market data, HYPE has recently shown poor price performance, accompanied by institutional unstaking and selling pressure. In the past 15 days, the price has dropped from $72.5 to $60.9, a cumulative decrease of about 16%. Whales and institutions involved in recent unstaking and selling activities are as follows:

Multicoin Capital unstaked 1.96 million HYPE tokens from three wallets early today, worth about $120 million. These tokens were staked approximately two months ago. Ironically, in its latest report in June, Multicoin Capital pointed out that HYPE could reach $319 by 2028, still with a 4x potential upside.

Yesterday, Selini Capital requested to unstake 504,000 HYPE tokens, valued at $31.7 million. The address deployed the HIP-3 Dreamcash market. After announcing the closure of this market, Selini is unstaking the HYPE required to operate and maintain the market, making a profit of nearly $20 million in this "investment."

On July 18th, a whale address related to a16z continued to sell off HYPE. Within 24 hours, they sold 421,796 HYPE tokens, worth about $25.3 million.

On July 17th, an address suspected to be associated with a16z continued its daily sell-off of 10,540 HYPE spot, with a trading volume of approximately $6.4812 million and an average price of around $61.49 per token.