A16z massively accumulates HYPE tokens on Hyperliquid

Venture capital giant a16z appears to be making a significant bet on HYPE, the native token of Hyperliquid. Wallets linked to the investment firm have been accumulating tokens via automated buy orders for months, and the tally now stands at over 4 million HYPE.

HYPE is available at OKX and Bybit.

Millions in USDC sent to Hyperliquid

According to on-chain analyst EmberCN, 12 wallets believed to belong to a16z have sent as much as $24 million in USDC to Hyperliquid in the past 20 hours. There, they are using those funds to buy HYPE via so-called TWAP orders. TWAP stands for Time-Weighted Average Price, a method that spreads purchases over time to limit market impact.

Excluding the most recent transactions, the total already approaches $259 million in USDC that a16z has transferred to Hyperliquid through more than 100 wallets, all used to buy and stake HYPE. The average purchase price is around $64 per token.

Position of 4.035 million HYPE with sizeable paper profit

The accumulated position now amounts to 4.035 million HYPE tokens. Based on the current market value, that position shows an unrealised profit of roughly $29 million. The TWAP orders visible on hypurrscan.io show multiple buy orders of around $1.20 million each, each good for tens of thousands of HYPE tokens.

Major institutional players actively accumulating tokens are not an unfamiliar phenomenon in the crypto market. For instance, large Bitcoin investors recently reached a new all-time high in their holdings. a16z’s move toward HYPE fits a broader trend in which established investors are increasingly building positions in promising altcoins through disciplined purchase strategies.