Hyperliquid Hits Record High as $1.2B Unlock Looms

A record high into the largest remaining supply release is the setup worth noting: rallies ahead of unlocks often reflect positioning rather than resolved risk, since the newly released tokens represent potential supply that has not yet met the market. The affected group is existing holders and anyone tracking the project's float, as the event marks a shift in how much of the supply is freely tradeable. Whether the market absorbs that supply without a sustained repricing is the open question, and the token's behavior around the unlock date is the clearest signal to watch.