On-chain monitoring by Lookonchain reveals that large investors are actively accumulating HYPE tokens. In the latest move, two addresses — one belonging to Galaxy Digital and another anonymous whale — collectively extracted nearly 540,000 HYPE from exchanges, amounting to roughly $41.54 million.
Galaxy Digital, the well-known crypto market maker, withdrew 179,000 HYPE (valued at $12.62 million) from Coinbase in the past seven hours. Meanwhile, a new address starting with 0x6436 executed another withdrawal of 135,800 HYPE (valued at $9.73 million) about eight hours ago. When combined with its previous day's extraction, this address has accumulated 399,700 HYPE over the past two days, worth approximately $28.92 million.
Together, the two addresses have moved a total of 539,500 HYPE off exchanges, underscoring significant institutional and whale buying interest in the token.