a16z-Linked Wallets Move 24 Million USDC to Hyperliquid to Buy HYPE, Analyst Says

Twelve wallets suspected to be linked to a16z transferred 24 million USDC to Hyperliquid over the past 20 hours and are buying HYPE using a time-weighted average price (TWAP) strategy, according to on-chain analyst Yu Jin. According to Foresight News, the wallets are currently the largest institutional holder of HYPE and have been among the drivers behind HYPE reaching repeated highs in recent months. Excluding the portion still being purchased, the group has transferred a total of 259 million USDC to Hyperliquid since March using more than 100 wallets to buy and stake 4.035 million HYPE at an average price of about $64. The analyst estimated the position’s unrealized profit at about $29 million.