Hyperliquid development team may have sold 3.75 million HYPE through OTC, of which 1.25 million have been re-staked.

October 8th, according to Ember monitoring, the Hyperliquid development team HyperLabs successfully redeemed 3.75 million HYPE ($332 million) 8 hours ago. 4 hours ago, after being distributed through 5 wallets, it was ultimately consolidated into address 0x875...1d1 (likely an institution that bought coins OTC from the team).

Then 1.25 million HYPE ($110 million) of it was re-deposited into staking, while the other 2.5 million HYPE ($220 million) remains in the wallet.