Paradigm Unstakes $171M HYPE, Possibly for ETF Seeding

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According to Odaily, Paradigm unstaked $171 million in HYPE tokens, with two addresses potentially linked to the firm transferring 2.92 million tokens. This follows an $88 million unstake in April, around the time Grayscale updated its ETF news and changed custodians. Eric Conner, an Ethereum developer and investor, noted the move could be for ETF seeding, as custodians require liquid tokens—staked HYPE is non-transferable. News surrounding Bitcoin ETFs has driven increased activity in token movements tied to fund preparations.

Odaily Planet Daily reports that this morning, two addresses suspected of being associated with Paradigm unlocked 2.92 million HYPE tokens (approximately $171 million) from staking.

Former Ethereum core developer and angel investor Eric Conner commented: “Everyone assumed this was a sell-off, but it’s more likely an ETF seeding. Custodians need liquid tokens, and HYPE that is staked is not usable. Back in April, they unstaked $88 million in tokens, and on the same day, Grayscale updated its S-1 filing and switched its custodian to Anchorage.”

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