HyperLabs redeemed 3.75 million HYPE tokens and completed an OTC transfer to institutional investors.

According to on-chain analyst Ember (@EmberCN), Hyperliquid's development team HyperLabs successfully redeemed 3.75 million HYPE tokens (approximately $332 million) 8 hours ago. After being distributed across five wallets and consolidated to address 0x875...1d1, this address is suspected to belong to an institution that purchased the tokens from the team via OTC. Of the total, 1.25 million HYPE tokens (approximately $110 million) have been deposited back into staking, while the remaining 2.5 million HYPE tokens (approximately $220 million) remain in the wallet. Project members had previously revealed on Discord that upon redemption, this batch of tokens would be allocated to team members and subsequently sold to an institution via OTC.