Paradigm Unstakes $224 Million in HYPE Tokens
The unstaking of 2.55 million HYPE tokens coincides with a price spike following a partnership between Intercontinental Exchange and Hyperliquid.
Updated on Nov. 3, 2026 in Investing
Paradigm unstaked 2.55 million HYPE tokens, valued at $224 million, from Hypercore over the past two days. The move followed a spike in HYPE from $78 to $97 on October 29, after Intercontinental Exchange announced a partnership with Hyperliquid to introduce a regulated perpetual futures market in the US.
Why it matters
The unstaking reduces Paradigm's position by 17.85%, a significant shift for a holder of this size in the Hyperliquid ecosystem. For international investors, the ICE partnership signals growing institutional interest in regulated access to decentralized perpetual futures markets.
Over 450,000 HYPE tokens were sold on Binance's perpetual futures market, according to CVD data, while open interest declined as the price fell. Whether the unstaked Paradigm tokens entered that selling pressure has not been established.
The players
Paradigm
Paradigm is a crypto investment firm known for backing blockchain and decentralized finance projects, and it holds a large staked position in HYPE.
Intercontinental Exchange
Intercontinental Exchange is a major operator of global financial exchanges, including the New York Stock Exchange, and announced the Hyperliquid partnership.
Hyperliquid
Hyperliquid is a decentralized exchange platform that offers perpetual futures trading and issues the HYPE token.
The details
Paradigm carried out the unstaking across 15 wallets over two days. HYPE broke and remained above $80 on the 4-hour chart, though the source notes a subsequent pullback risk toward that level.
Timeline
October 29, 2026: HYPE spikes from $78 to $97 following the ICE partnership announcement.
Past two days (approximately November 1-2, 2026): Paradigm unstakes 2.55 million HYPE tokens.
November 2026: Hyperliquid is expected to receive more than $15 million from Circle's AQAv2 reserve yield framework.
Market Dynamics
The unstaking sits within a period of declining bridge volume on Hyperliquid compared with the start of Q4 2025, even as protocol revenue reached over $87 million in October. Whether the revenue trend or the bridge decline drives the market's direction is not addressed by the source.
Investors holding HYPE may see price volatility as large holders adjust positions, with support near $75 and resistance near $80 being levels analysts are watching. Individuals considering exposure should weigh the risk that a single large holder's moves can shift short-term prices.
The takeaway
Large changes in a single holder's staked position can move a token's price even when protocol fundamentals look strong. Readers tracking HYPE should watch on-chain staking data alongside exchange volume and open interest before drawing conclusions.
What happens next
Hyperliquid is expected to receive more than $15 million in November from Circle's AQAv2 reserve yield framework, a scheduled inflow that could influence protocol buybacks.
Further reading
For broader context on how large crypto holders move their positions, see the Investing section.
Source note: This article includes information reported by AMBCrypto.
