Odaily Planet Daily reports, according to on-chain analyst Yujin, over the past 20 hours, 12 wallets suspected to be associated with a16z transferred $24 million in USDC to Hyperliquid and are currently purchasing HYPE using TWAP (Time-Weighted Average Price). They are currently the largest institutional holder of HYPE and one of the primary drivers behind its recent price highs. Excluding the currently accumulating position, since March, they have transferred a total of $259 million in USDC across more than 100 wallets to purchase and stake 4.035 million HYPE tokens at an average price of approximately $64, resulting in an unrealized profit of around $29 million.
12 wallets linked to a16z deposit 24 million USDC into Hyperliquid to purchase HYPE
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Summary
Altcoins to watch include HYPE, as 12 wallets linked to a16z deposited 24 million USDC into Hyperliquid over the past 20 hours, purchasing HYPE via TWAP. These wallets are the largest institutional holders of HYPE and have driven its recent price rally. Since March, they have moved 259 million USDC into Hyperliquid using over 100 wallets to acquire 4.035 million HYPE at approximately $64, generating around $29 million in unrealized profit. The altcoin fear and greed index remains elevated as major players continue to accumulate.
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