Paradigm Unlocked HYPE Worth $224 Million: What It Means for the Price

Paradigm unlocked 2.55 million HYPE tokens worth $224 million from Hypercore through 15 wallets over the past two days. This represents 17.85% of Paradigm's stake, which totals 14.26 million HYPE valued at $1.26 billion. The unlocking itself does not imply a sale, but it's important to see where the tokens go: if they remain in the wallet, the effect is limited, but if they hit exchanges, it could indicate a sale.

What could ease the pressure

Strategic buybacks by the network can offset potential sales. In November, Hyperliquid expects to receive over $15 million through the AQAv2 reserve yield mechanism from Circle; in October, almost the same amount in USDC was directed towards buybacks. A test transfer of 2.52 USDC has already reached the Hyperliquid Relief Fund. Additionally, in October, the protocol raised over $87 million, which could also bolster the buyback program. The revenues and yield from USDC cover approximately half of Paradigm's unlocked position, although it has not yet been sold. Meanwhile, bridge volumes in 2026 are decreasing compared to the beginning of Q4 2025.

Context

On October 29, HYPE briefly rose from $78 to $97 following news of a partnership with Intercontinental Exchange (ICE): the parties plan to launch a regulated perpetual futures market in the US. The details of the deal are still unclear, and after the spike, the price corrected.

Technical picture

On the 4-hour chart, the structure remains bullish: HYPE broke and held above $80. CVD shows moderate selling – more than 450,000 HYPE sold on the Binance perpetual futures market. Open interest declined along with the price: bears did not increase positions but avoided trading. Therefore, HYPE may return to $80 – the last local high, coinciding with the 0.786 Fibonacci level. If the $75 support holds, the bulls' ultimate target is $98.