ChainCatcher reported that, according to monitoring by on-chain analyst Yu Jin, 12 wallets suspected to be linked to a16z transferred 24 million USDC into Hyperliquid over the past 20 hours. The funds are currently being converted into HYPE through TWAP, or time-weighted average price execution.
More Than 100 Wallets Used Since March
Yu Jin said these suspected a16z addresses are currently the largest institutional holder of HYPE and are also one of the main drivers behind HYPE’s repeated new highs in recent months. Excluding the funds now being deployed, the group has used more than 100 wallets since March to transfer a total of 259 million USDC into Hyperliquid for buying and staking HYPE.
The wallets have purchased and staked 4.035 million HYPE in total, with an average cost of about $64 per token. Based on the figures disclosed by Yu Jin, the position currently has an unrealized profit of about $29 million.