<h2><strong>关键要点</strong></h2>
<h3><em>120 亿美元的解锁会影响 HYPE 的上涨吗？</em></h3>
<p>Arthur Hayes 的 Maelstrom 基金和其他大玩家的抛售可能会在 11 月解锁前拖累 HYPE。</p>
<h3><em>45% 的供应削减提案会改善 HYPE 的上涨概率吗？</em></h3>
<p>HYPE 价格的影响将取决于社区反应和项目对供应削减提案的回应。</p>
<hr/>
<p>鲸鱼和社区成员对即将于 11 月开始的 Hyperliquid [HYPE] 每月代币解锁表示担忧。</p>
<p>部分成员现在希望将 Hyperliquid 的总供应量减少 45%。</p>
<p>这可以通过销毁来自回购的 3100 万 HYPE（来自辅助基金，AF）以及取消即将用于社区增长的代币（4.21 亿 HYPE）来实现。</p>
<p>匿名加密研究员 Hasu 和 Jon Charbonneau 的提案表示，此举将对 HYPE 的价值产生 ‘积极’ 影响。</p>
<blockquote>
<p>“我们将这些变化视为严格的积极选择……我们相信这个提案为 Hyperliquid 提供了实质性的经济利益，几乎没有任何下行风险。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-23-085959.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-23-085959.png"/></p>
<p>来源：X</p>
<p>HYPE 的供应上限为十亿个代币，该提案将移除约 4.5 亿个代币，或 45% 的供应。</p>
<h2>解决 120 亿美元 HYPE 解锁的问题？</h2>
<p>一些人反对该提案，认为这会对社区成员或 Hyperliquid 用户产生负面影响。</p>
<p>但 Hasu 调侃称，‘社区代币’ 目前并不 ‘欠任何人’。</p>
<p>正在进行的辩论与计划于 11 月进行的 1000 万 HYPE 每月代币解锁有关。</p>
<p>根据 Maelstrom 基金，BitMEX 创始人 Arthur Hayes 的家族办公室，未来 24 个月将解锁约 120 亿美元。</p>
<p>根据其预测，这将是看跌的，促使其抛售 HYPE 持有量。</p>
<p>该基金补充说，目前的回购计划和国库需求只能吸收一小部分未按当前价值定价的供应过剩。</p>
<blockquote>
<p>“问题是？当前水平的回购只能吸收约 17%。这留下了每月 4.1 亿美元的供应过剩。市场是否已经考虑到这些解锁的巨大规模？”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-Maelstrom.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-Maelstrom.jpg"/></p>
<p>来源：Maelstrom 基金</p>
<p>据 Looknonchain 报道，周末另一位鲸鱼 reportedly 提取了超过 1.2 亿美元的 HYPE，可能是为了抛售。</p>
<p>但 Hayes 补充说，Hyperliquid 的 126 倍反弹在解锁后到 2028 年 ‘仍然可能’。</p>
<p>这些大玩家的举动将 HYPE 的价格拖低至 50 美元以下。此外，竞争对手 Aster [ASTER] 永续 DEX 的推出在周末也使市场情绪转为负面。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-HYPE-09.45.36-23-Sep-2025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-HYPE-09.45.36-23-Sep-2025.png"/></p>
<p>来源：Santiment</p>
<p>尽管在撰写时市场情绪转为积极，但第四季度的价格走势可能会受到竞争和 Hyperliquid 团队对解锁问题的回应的影响。</p>

<p>即将解锁的 120 亿美元 Hyperliquid (HYPE) 代币引发了社区成员和投资者之间的争论。人们担心像 Arthur Hayes 的 Maelstrom Fund 这样的主要参与者可能会进行抛售，这可能会影响 HYPE 的价格。目前正在讨论通过代币销毁将总供应量削减 45% 的提案，一些人认为这对 HYPE 的价值有利。然而，其他人则担心这可能会对社区成员造成伤害。市场对这些解锁的反应以及来自竞争对手去中心化交易所 Aster 的竞争可能会影响 HYPE 在第四季度的价格</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><em>Could a $12B unlock affect HYPE’s rally?</em></h3>
<div class="lb-trans"><h3><em>120 亿美元的解锁会影响 HYPE 的上涨吗？</em></h3>
</div><p>Arthur Hayes’ Maelstrom Fund and other big players’ sell-off could derail HYPE ahead of the November unlock.</p>
<div class="lb-trans"><p>Arthur Hayes 的 Maelstrom 基金和其他大玩家的抛售可能会在 11 月解锁前拖累 HYPE。</p>
</div><h3><em>Will a 45% supply cut proposal improve HYPE’s upside odds?</em></h3>
<div class="lb-trans"><h3><em>45% 的供应削减提案会改善 HYPE 的上涨概率吗？</em></h3>
</div><p>The impact on HYPE’s price will depend on community reactions and the project’s response to the supply cut proposal.</p>
<div class="lb-trans"><p>HYPE 价格的影响将取决于社区反应和项目对供应削减提案的回应。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Whales and community members have expressed concerns over the upcoming Hyperliquid [HYPE] monthly token unlocks set to begin in November.</p>
<div class="lb-trans"><p>鲸鱼和社区成员对即将于 11 月开始的 Hyperliquid [HYPE] 每月代币解锁表示担忧。</p>
</div><p>A section of members now wants the overall Hyperliquid total supply reduced by 45%.</p>
<div class="lb-trans"><p>部分成员现在希望将 Hyperliquid 的总供应量减少 45%。</p>
</div><p>This could be done by burning all 31 million HYPE from buybacks (from Assisted Funds, AF) and doing away with upcoming tokens (421 million HYPE) meant for community growth.</p>
<div class="lb-trans"><p>这可以通过销毁来自回购的 3100 万 HYPE（来自辅助基金，AF）以及取消即将用于社区增长的代币（4.21 亿 HYPE）来实现。</p>
</div><p>The proposal by pseudonymous crypto researcher Hasu of Flashbots and Jon Charbonneau stated that the move would be ‘positive’ for HYPE’s value.</p>
<div class="lb-trans"><p>匿名加密研究员 Hasu 和 Jon Charbonneau 的提案表示，此举将对 HYPE 的价值产生 ‘积极’ 影响。</p>
</div><blockquote>
<p>“We view these changes as strictly positive optionality…we believe this proposal offers material economic benefits to Hyperliquid with little to no downside.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们将这些变化视为严格的积极选择……我们相信这个提案为 Hyperliquid 提供了实质性的经济利益，几乎没有任何下行风险。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-23-085959.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Screenshot-2025-09-23-085959.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>HYPE has a supply cap of one billion tokens, and the proposal would remove about 450 million tokens, or 45% of the supply.</p>
<div class="lb-trans"><p>HYPE 的供应上限为十亿个代币，该提案将移除约 4.5 亿个代币，或 45% 的供应。</p>
</div><h2>A solution to $12B HYPE unlock?</h2>
<div class="lb-trans"><h2>解决 120 亿美元 HYPE 解锁的问题？</h2>
</div><p>Some opposed the proposal, arguing that it would negatively impact community members or Hyperliquid users.</p>
<div class="lb-trans"><p>一些人反对该提案，认为这会对社区成员或 Hyperliquid 用户产生负面影响。</p>
</div><p>But Hasu quipped that the ‘community tokens’ aren’t ‘owed to anyone’ at the moment.</p>
<div class="lb-trans"><p>但 Hasu 调侃称，‘社区代币’ 目前并不 ‘欠任何人’。</p>
</div><p>The ongoing debate is linked to the 10 million HYPE monthly token unlock scheduled for November.</p>
<div class="lb-trans"><p>正在进行的辩论与计划于 11 月进行的 1000 万 HYPE 每月代币解锁有关。</p>
</div><p>According to Maestrom Fund, a family office for BitMEX founder Arthur Hayes, about $12B will be unlocked in the next 24 months.</p>
<div class="lb-trans"><p>根据 Maelstrom 基金，BitMEX 创始人 Arthur Hayes 的家族办公室，未来 24 个月将解锁约 120 亿美元。</p>
</div><p>Per its projection, this would be bearish, prompting it to offload its HYPE holdings.</p>
<div class="lb-trans"><p>根据其预测，这将是看跌的，促使其抛售 HYPE 持有量。</p>
</div><p>The fund added that the current buyback program and treasury demand can only absorb a tiny portion of the supply overhang that is not priced in at current values.</p>
<div class="lb-trans"><p>该基金补充说，目前的回购计划和国库需求只能吸收一小部分未按当前价值定价的供应过剩。</p>
</div><blockquote>
<p>“The problem? Buybacks at current levels can only absorb ~17%. That leaves a $410M/month supply overhang. Has the market priced in the sheer scale of these unlocks?”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“问题是？当前水平的回购只能吸收约 17%。这留下了每月 4.1 亿美元的供应过剩。市场是否已经考虑到这些解锁的巨大规模？”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-Maelstrom.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-Maelstrom.jpg"/></p>
<p>Source: Maelstrom Fund</p>
<div class="lb-trans"><p>来源：Maelstrom 基金</p>
</div><p>Over the weekend, another whale reportedly withdrew over $120 million HYPE likely for a sell-off, according to Looknonchain.</p>
<div class="lb-trans"><p>据 Looknonchain 报道，周末另一位鲸鱼 reportedly 提取了超过 1.2 亿美元的 HYPE，可能是为了抛售。</p>
</div><p>But Hayes added that the 126x rally for Hyperliquid was ‘still possible’ by 2028 after the unlocks.</p>
<div class="lb-trans"><p>但 Hayes 补充说，Hyperliquid 的 126 倍反弹在解锁后到 2028 年 ‘仍然可能’。</p>
</div><p>The moves by these big players dragged HYPE’s price below $50 as of press time. Additionally, the debut of Aster [ASTER] perpetual DEX, a rival, dragged sentiment into the negative territory over the weekend.</p>
<div class="lb-trans"><p>这些大玩家的举动将 HYPE 的价格拖低至 50 美元以下。此外，竞争对手 Aster [ASTER] 永续 DEX 的推出在周末也使市场情绪转为负面。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-HYPE-09.45.36-23-Sep-2025.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Hyperliquid-HYPE-09.45.36-23-Sep-2025.png"/></p>
<p>Source: Santiment</p>
<div class="lb-trans"><p>来源：Santiment</p>
</div><p>Although the market sentiment turned positive at the time of writing, Q4 price movement could be dictated by competition and Hyperliquid team’s response to the unlock issue.</p>
<div class="lb-trans"><p>尽管在撰写时市场情绪转为积极，但第四季度的价格走势可能会受到竞争和 Hyperliquid 团队对解锁问题的回应的影响。</p>
</div>

即将到来的 120 亿美元 Hyperliquid 解锁引发了争论：‘市场是否已经将其消化……？’