This week's spotlight? Hyperliquid's token unlock just played out—and the numbers tell a story.

Out of 2.6 million HYPE tokens that hit circulation, here's how they moved: 1.089 million got restaked right back into the protocol. Another 609K slipped into OTC deals, changing hands off-exchange. The remaining 902K? Still sitting untouched in wallets, waiting for their next move.

Meanwhile, Sonnet BioTherapeutics made waves by merging with Hyperliquid Strategies. The goal's clear: beef up their treasury and stack more HYPE tokens for the long haul.

On the infrastructure side, Ethena rolled out HyENA—a strategic deployment that's adding another layer to the ecosystem's liquidity game.

Token unlocks always shake things up. Some holders lock back in. Others cash out quietly. And a chunk just watches from the sidelines. This week's data shows all three patterns in action.