Hyperliquid development team HyperLabs redeemed 3.75 million HYPE tokens worth $332 million, with on-chain data showing the funds consolidated into a single address after distribution through five wallets. The transaction pattern suggests an institutional buyer may have acquired the tokens via OTC trade from the team. Of the redeemed amount, 1.25 million HYPE ($110 million) was re-deposited into staking contracts, while the remaining 2.5 million HYPE ($220 million) remains held in the consolidation wallet. The redemption and partial re-staking occurred within an eight-hour window according to on-chain monitoring.