Odaily reported that, according to monitoring by on-chain analyst Yu Jin, 12 wallets suspected to be associated with a16z transferred 24 million USDC into Hyperliquid over the past 20 hours. The wallets are currently buying HYPE through a TWAP, or time-weighted average price, execution method.
Existing HYPE Position and Staking Activity
Yu Jin stated that the entity behind these wallets is currently the largest institutional holder of HYPE and has been one of the main forces behind HYPE’s repeated new highs in recent months. This description excludes the portion that is still being purchased through the latest transfers.
According to the monitoring data, since March the suspected a16z-linked wallets have used more than 100 addresses to transfer a total of 259 million USDC into Hyperliquid. Those funds were used to buy and stake 4.035 million HYPE at an average price of about 64 dollars. Based on the cited data, the position currently carries an unrealized profit of about 29 million dollars.