A wallet suspected to be linked to Andreessen Horowitz, or a16z, spent 36 million USDC over the past two days to buy 441,000 HYPE, according to on-chain analyst Ember, cited by BlockBeats on Aug. 28. The purchased tokens were fully deposited into staking, with an average entry price of $81.6.
The buying has not stopped. The same address has just transferred another 12 million USDC to Hyperliquid and appears to be preparing to increase its HYPE position further. Based on Ember’s monitoring, the entity now has 4.826 million HYPE staked, valued at about $404 million.
The report also said the overall average cost of the holding stands at roughly $66.1, leaving the position with an unrealized profit of about $84.9 million at current valuation levels. The activity points to continued accumulation by the suspected institution, though the wallet has not been officially confirmed as belonging to a16z.
BlockBeats reported on Aug. 28, citing on-chain analyst Ember, that a wallet suspected to be linked to Andreessen Horowitz, or a16z, spent 36 million USDC over the past two days to purchase 441,000 HYPE. All of the newly bought HYPE was deposited into staking, with an average purchase price of $81.6.
The buying is still ongoing. The address has just transferred another 12 million USDC to Hyperliquid and appears set to use the funds to add to its HYPE position.
At present, the entity has 4.826 million HYPE staked, worth about $404 million. Its overall average holding cost is about $66.1, with unrealized profit standing at roughly $84.9 million.
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