On-chain data from analyst Ai 姨 suggests that wallets tied to venture capital firm a16z have been steadily accumulating Hyperliquid’s HYPE token. In the past day alone, these addresses moved 224,118 HYPE from various exchanges, valued at approximately $15.16 million. This adds to a broader accumulation trend since 2026, with total holdings now reaching 6.906 million HYPE, worth around $322 million.
The average purchase price for these tokens is roughly $46.7, meaning the position currently boasts about $131 million in unrealized gains. While a16z has not officially confirmed ownership of these wallets, on-chain labels—based on transaction patterns and exchange flows—have linked them to the firm. Ai 姨 even posed a rhetorical question: “Is this MicroStrategy’s move to buy into HYPE?” highlighting market curiosity rather than confirmed corporate action.
This latest withdrawal follows prior activity: one batch saw 174,917.41 HYPE (worth $11.16 million) moved in 12 hours, and another involved 253,947.43 HYPE (worth $15.03 million) after a five-day pause. The buying spree coincides with a volatile period for Hyperliquid. HYPE recently hit all-time highs before a sharp pullback, trading near $61.37 on June 5—down 15.49% in a day but still up 39.51% over 30 days.
The downturn came after Arthur Hayes sold his entire HYPE and NEAR positions, unloading 247,334 HYPE for about $18 million. Despite this, Hyperliquid’s fundamentals remain strong. The Assistance Fund channels 97% of protocol fees into open-market HYPE purchases, supporting demand. With ongoing whale accumulation and ETF-related buzz, traders are watching whether heavy buying can counteract profit-taking near recent highs.