TL;DR:
- On-chain trackers detected that two wallets linked to Grayscale acquired and staked a total of 510,387 units of HYPE during the last week.
- Exchange-traded funds linked to Hyperliquid recorded cumulative inflows of 53.5 million dollars in their first seven days on the market.
- A whale address linked to the firm a16z accumulated a total of 2.34 million tokens since last April 14, with an approximate valuation of 102 million dollars.
On-chain data trackers managed to identify intense buying activity of the HYPE token by wallets linked to institutional funds during the third week of May. All this movement coincides with a streak of green inflows into products listed by the Hyperliquid network.
Market analysts point out that in the last 7 days, two addresses linked to the firm Grayscale bought at least 510,387 units of the token for an approximate amount of $24.90 million. Previously, the manager had filed an S-1 registration statement for an ETF of this same asset in January.
Data from the firm Arkham revealed that another address associated with Grayscale accumulated the crypto-asset through platforms such as Wintermute, FalconX, Coinbase, and Flowdesk. The wallet held 176,050 HYPE ($9.84 million) before transferring 149,100 units to the Hyperliquid system address.
Massive accumulation by whales and institutional flows
Grayscale was not the only corporation detected by cryptocurrency market monitoring firms. Lookonchain reported that a Galaxy Digital wallet acquired 158,100 units of HYPE, equivalent to $8.8 million, in less than 2 hours.
Grayscale is buying $HYPE!#Grayscale already filed the S-1 registration statement for the $HYPE ETF in January.
Over the past week, 2 wallets linked to #Grayscale bought 510,387 $HYPE ($24.95M) and staked it.https://t.co/KCuWEwyPAehttps://t.co/ttCiYnetlgpic.twitter.com/bnwBO5gOy7
— Lookonchain (@lookonchain) May 21, 2026
At the same time, an investor withdrew 536,247 units from Coinbase over a two-day period. Another whale deposited 19 million USDC into the protocol to acquire 76,600 HYPE for $3.8 million, while a wallet linked to a16z added 206,325 units.
Financial flow reports indicated that, in its first week, exchange-traded funds captured $53.5 million. The firm Bitwise revealed its public addresses after acquiring 19.78 million dollars in tokens for subsequent staking. According to Arkham data, those holdings reported a profit of $2.4 million at the time of publication.
Bloomberg analyst Eric Balchunas detailed that following its debut, the volume of the 21Shares Hyperliquid ETF (THYP) fund increased. According to his records, the THYP and BHYP products recorded a 50% spike in their daily volume, reaching a combined turnover close to 40 million dollars. Balchunas estimated that the launch coincided with a period of weakness for equities and Bitcoin, while HYPE rose 27% since May 12.
Market reports also pointed to movements by Goldman Sachs, an entity that reportedly liquidated its positions in XRP and Solana funds to open exposure in Hyperliquid. Although the participation is described as smaller than its allocation in Bitcoin, the move accentuated corporate interest.
Technical outlook of the Hyperliquid market
In terms of prices, analyst Crypto Patel stated that the price recently hovered near $57 after breaking through the $50 resistance. The movement regains ground from the technical zone of 20 dollars, where buyers re-entered after a prolonged correction.
Currently, charts place the asset close to the upper band of its historical fluctuation range. According to Crypto Patel’s projections, a daily close above the previous high of $59.30 could put the token into a price discovery phase. Otherwise, a rejection at this level could trigger a retest of supports.
Technical analysis places the first key support in the $50 zone, followed by the previous breakout region at $45.37. The expert warns that a drop below that line could weaken short-term momentum and reactivate support at $35.
Some independent traders noted that the market could face a “buy the rumor, sell the news” scenario due to the prior impact of the ETFs. In contrast, other firms are evaluating long-term projections between $100 and $150 if fund demand and staking remain stable.