Galaxy Digital dumps 1M HYPE worth $61M onto exchanges!

Galaxy Digital has unstaked 1 million HYPE tokens — valued at approximately $61.16 million — and has begun selling, according to on-chain data. The firm has already deposited 500,000 HYPE ($30.36 million) into Bybit and OKX, signalling active distribution rather than a routine portfolio rebalance.

When an institutional player of Galaxy's scale moves this volume onto spot exchanges in a single action, the market reads it as a directional sell. The remaining 500,000 HYPE tokens have not yet been traced to exchange wallets, leaving open the question of whether the second tranche follows the same path.

HYPE holders and traders on Bybit and OKX should watch order books closely — a $30M deposit already sitting on two of the largest exchanges represents meaningful overhead supply at current prices.