Paradigm unstakes $171 million in HYPE, possibly transferring to institutional custody

Odaily reported that this morning, two addresses suspected to be associated with Paradigm unstaked 2.92 million HYPE (approximately $171 million).

Former Ethereum core developer and angel investor Eric Conner commented on this, saying: "Everyone assumes this is a sell-off, but it's more likely that this is for ETF seeding. Custodians require tokens to be liquid, and staked HYPE cannot be used. Back in April, they also unstaked $88 million worth of tokens, and on the same day, Grayscale updated its S-1 filing and switched its custodian to Anchorage."