According to on-chain analyst Ember (@EmberCN), an institution suspected of being affiliated with a16z and currently recognized as the largest holder of HYPE deposited 36 million USDC into Hyperliquid via 12 addresses over the past 24 hours to continue purchasing HYPE. To date, 24 million USDC has been used to acquire 282,090 HYPE tokens at an average purchase price of approximately $81.50. In June, this institution bought $24 million worth of HYPE at an average price of around $68.70. It has since accumulated and staked a total of 4.679 million HYPE tokens, currently valued at approximately $381 million at today’s price, with an overall average holding cost of about $65.60 and an unrealized profit of roughly $74.4 million.
Suspected a16z entity purchases 282,090 HYPE tokens at an average price of $81.50
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Summary
A suspected a16z-linked entity deposited 36 million USDC into Hyperliquid over the past 24 hours, using 24 million to purchase 282,090 HYPE tokens at an average price of $81.5. This follows a $24 million HYPE purchase in June at $68.7. The entity now holds 4.679 million HYPE tokens, staked and valued at $381 million, with a paper profit of $74.4 million and an average cost basis of $65.6. HYPE’s price movement has drawn attention as the entity continues to accumulate.
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