Woofun AI reports that two addresses linked to Paradigm unstaked 2.92 million HYPE, valued at approximately $171 million. Eric Conner, a former Ethereum core developer, stated that the action is likely intended for ETF seeding rather than a sell-off. He noted that custodians require liquid tokens, and staked HYPE cannot be utilized. Conner referenced a similar $88 million unstaking in April, which coincided with Grayscale updating its S-1 filing and switching its custodian to Anchorage.