According to on-chain analytics platform Lookonchain (@lookonchain), institutions and whales have been steadily accumulating the HYPE token. Leading crypto investment firm Galaxy Digital withdrew 179,000 HYPE (worth approximately $12.62 million) from Coinbase within the past seven hours. Such large-scale on-chain moves by a major player like Galaxy Digital are often watched closely for directional cues.
Meanwhile, a previously inactive wallet address 0x6436 made another move roughly eight hours ago, withdrawing 135,824 HYPE — around $9.73 million. Tracing its activity reveals that since June 2, this wallet has pulled a total of 399,730 HYPE from exchanges in just two days, with a combined value of $28.92 million.
After these tokens were moved to on-chain wallets, no transfers back to exchanges have been detected so far, indicating that these institutions and whales are adopting a holding strategy rather than short-term trading. The persistent inflow also suggests approval of HYPE's current valuation levels.
As the core asset of the decentralized derivatives protocol Hyperliquid, HYPE has seen frequent on-chain accumulation recently, further cementing its place in institutional portfolios.