Hayes家办发出预警：每月5亿美元解锁，Hyperliquid的“HYPE”泡沫即将破裂？

marsbitPublicado a 2025-09-21Actualizado a 2025-09-22

Hyperliquid 正经历着史诗级的高光时刻——其生态系统蓬勃发展，交易量创下历史新高，而USDH的竞标战更是加密货币史上最引人注目的“选美大赛”之一。但王冠之下，也悬着一把达摩克利斯之剑：HYPE即将面临其第一次真正的考验。

从11月29日开始，2.378亿枚HYPE代币将在24个月内开始线性释放。按每枚代币50美元计算，这意味着团队解锁的代币总价值高达119亿美元——名义上，每个月将有近5亿美元的代币进入市场。

问题在于，以目前的水平进行回购，大约只能吸收其中17%的抛压。这就留下了每月4.1亿美元的供应过剩。市场是否已经消化了如此巨大规模解锁所带来的冲击？

HYPE

研究来自 @lukas_rppt

把自己放在Hyperliquid开发者的位置上思考一下。 你为此疯狂工作了数年，一笔足以改变人生的代币即将开始解锁，而且只需轻轻一点即可获得。你会怎么做？


DATs能拯救危局吗？

随着Sonnet的推出，有史以来最大的加密货币DATs（去中心化收购信托）之一预计将在2025年第四季度完成募资。它已经募集了约5.83亿美元的HYPE代币和3.05亿美元的现金。然而，即便是Sonnet加上其他所有规模较小的HYPE DATs，与即将到来的HYPE解锁量相比，也只是杯水车薪。

HYPE


当鲨鱼嗅到血腥

你动了加密世界老牌势力的蛋糕，就别想安然无恙地走开。商业就是战争，历史上大多数加密产品的半衰期都很短——胜利者总会引来一大群“吸血鬼攻击”。竞争正在加剧，不仅来自一线交易所，也来自像Lighter.xyz（Maelstrom投资的一家公司）这样的新竞争者。CZ在解锁前两个月力推Aster？这或许并非巧合。

HYPE

摊牌时刻已至！

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