Of the 3.75M HYPE sold OTC last month, 3.125M HYPE was staked on one wallet with the Hyperliquid Strategies x Unit validator. The remaining 625K HYPE was sent to another wallet on HyperEVM, where it stayed inactive for almost three weeks before sending 1 HYPE to a new wallet yesterday. https://t.co/NhNzeWSPCn That new wallet was funded the same day, through a few hops, by a wallet with multiple links to wallets used by TradeXYZ to buy tickers on Hyperliquid. The 625K HYPE has now been transferred to the new wallet, moved from HyperEVM to Hypercore. https://t.co/33DCMcCl55 Not 100% sure what this means or why the HYPE was split, but my main theory is that ICE was indeed the buyer of the 3.75M HYPE, which remains unconfirmed, and that the 625K HYPE may have been transferred to TradeXYZ as part of ICE’s investment. The onchain link strongly suggests that the 625K HYPE belongs to TradeXYZ.