Significant HYPE Purchases Detected on Hyperliquid Platform

A large-scale acquisition of HYPE tokens has been observed on the Hyperliquid platform. According to BlockBeats On-chain Detection, the entity known as 'HYPE Spot Main Force' executed substantial purchases using the TWAP (Time-Weighted Average Price) method, with a total expenditure projected to reach $20.35 million. The purchases were distributed across 10 addresses, with plans to continue buying over the next 24 hours. Yesterday evening, TWAP orders that were not fully executed amounted to 111,500 tokens, valued at approximately $8.02 million. This morning, five additional orders were placed, aiming to acquire 171,000 tokens, valued at around $12.32 million. Over the past three days, the entity has accumulated over 551,200 HYPE tokens, valued at more than $40 million, significantly contributing to the TWAP buying pressure and maintaining a net buying trend for HYPE. The funds for these purchases can be traced back to the on-chain address 0xb5E4, which is suspected to be linked to the largest external entity associated with HYPE, a16z. This address has been actively consolidating HYPE tokens from various liquidity sources since late May. Since 2026, related addresses have amassed 5.93 million HYPE tokens, currently valued at approximately $427 million, with some of these tokens recently transferred to the Hyperliquid platform. Key on-chain addresses include 0xb5E4d21240e9356caFc3a1261d10383f62DFc24e and 0xe2225d0f3f9F23B28C1F35CC88749ee018c7Acc8.