HYPE whale alert: a16z-linked wallets may rank No. 6

Wallets linked to a16z crypto may have become one of the largest HYPE holders, according to on-chain analysis shared by @ai_9684xtpa.

On-chain analyst @ai_9684xtpa said wallets linked to a16z may now rank as the sixth-largest HYPE holder. The analyst also said the wallets may be the largest external holder outside addresses tied to Hyperliquid’s own ecosystem.

The claim has not been publicly confirmed by a16z. The reports use cautious language, including “linked to” and “may,” meaning the wallet cluster should be treated as an analyst attribution rather than a confirmed company filing.

Wallets reportedly hold $356m in HYPE

The wallets are estimated to have accumulated 9.18 million HYPE since August 2025. Binance News, citing the analyst, said the position was valued near $356 million, with an estimated average purchase price of about $38.77.

Lookonchain reported that the addresses added 4.92 million HYPE since the start of 2026, worth about $183 million. It also said the wallets still hold 8.844 million HYPE across dozens of addresses after transfers to exchanges and liquidity providers.

HYPE rally adds market context

The wallet activity comes during a strong period for HYPE. Related market coverage showed that Hyperliquid’s token rallied about 24% in six days and moved near its all-time high, helped by ETF demand, USDC growth, and synthetic market activity.

That report also cited Santiment data showing HYPE rose from $38.32 on May 13 to about $47.65. TradingView data in the same coverage placed HYPE near $48, with momentum indicators showing strong buying pressure.

ETF flows support Hyperliquid demand

HYPE has also gained attention from new investment products. Bitwise said it would use 10% of the management fee from its BHYP Hyperliquid ETF to buy and hold HYPE on its balance sheet. The fund started trading on NYSE on May 15.

Separate coverage said Bitwise’s BHYP and 21Shares’ THYP products had topped $5.6 million in combined net inflows after launch. It also said Hyperliquid handles about $8 billion in daily trading volume and more than 50% of decentralized perpetual futures open interest.

Moreover, as recently reported, Bitwise CIO Matt Hougan called HYPE one of crypto’s most mispriced assets, even after its strong 2026 rally. Hougan said investors may still be valuing Hyperliquid as a fast-growing crypto derivatives exchange rather than a broader trading platform.