Transaction Details and Timing
Published 7/29/2026, 7:46:59 AM
Selini Capital moved approximately $26.8M to $31.7M worth of $HYPE (roughly 500,000 tokens) to the OKX exchange following the shutdown of their Dreamcash perpetuals market on the Hyperliquid protocol. This transfer was part of a broader unstaking wave in late July 2026 involving nearly $150M in $HYPE from major firms including Multicoin Capital and Galaxy Digital [Source: https://cointelegraph.com].
Transaction Details and Timing
The transfer occurred following the mandatory 5–7 day unstaking period required by the Hyperliquid protocol.
- Amount: ~500,000 $HYPE (valued at ~$26.8M–$31.7M depending on the spot price at the time) [Source: https://gate.com].
- Source Wallet:
0xffa8..., an address identified as belonging to Selini Capital and previously used to deploy the Dreamcash market. - Destination: OKX Exchange [Source: https://en.bloomingbit.io/feed/news/117253].
- Timeline: The unstaking request was initiated around July 21, 2026.
Motivations for the Move
The primary driver for this transfer was the closure of the Dreamcash perpetuals market on Hyperliquid.
- Collateral Retrieval: Under Hyperliquid's HIP-3 protocol, deploying a perpetuals market requires a security bond of 500,000 HYPE. Once Selini Capital decided to shut down Dreamcash, they were able to unstake this collateral [Source: https://cryptobriefing.com].
- Profit Realization: Selini Capital reportedly earned approximately $20 million from the Dreamcash market deployment [Note: not independently confirmed] [Source: https://kucoin.com/news].
- Market Context: The move coincided with a significant unstaking event where Multicoin Capital (
$116M) and Galaxy Digital ($29.4M) also queued large amounts of $HYPE for withdrawal, creating a temporary supply overhang that saw the token price drop by roughly 8% to $58 [Source: https://cointelegraph.com].
Major $HYPE Unstaking Comparison (July 2026)
| Entity | Amount (HYPE) | Estimated Value | Status |
|---|---|---|---|
| Multicoin Capital | 1.96M | ~$116M | Pending/Withdrawn |
| Galaxy Digital | ~500k | ~$29.4M | Pending/Withdrawn |
| Selini Capital | ~500k | ~$26.8M - $31.7M | Transferred to OKX |
While the transfer to an exchange often signals an intent to sell, it has not been explicitly confirmed whether Selini Capital liquidated the entire position or moved the funds for other purposes, such as providing liquidity or using the tokens as collateral on OKX. The specific on-chain transaction hash for the final deposit to OKX remains unverified in the current research data.