Wallets linked to Andreessen Horowitz’s crypto arm have emerged as some of the largest holders of Hyperliquid’s HYPE token, according to on-chain data shared by analyst ai_9684xtpa.
The analyst claimed the wallet cluster may now rank as the sixth-largest HYPE holder and could be the biggest external holder outside addresses associated with the Hyperliquid ecosystem itself. However, the attribution has not been publicly confirmed by a16z crypto, and the wallets remain identified only through blockchain analysis.
a16z(@a16zcrypto) 或已成为 $HYPE 持仓第六大实体，单币浮盈 7929 万美元🏆
▶︎ 过去 11 小时囤积 20.6 万枚 HYPE（995 万美元）
▶︎ 04.16 以来囤积 235 万枚 HYPE（1.02 亿美元）
▶︎ 2026 年以来囤积 492 万枚 HYPE（1.83 亿美元）
▶︎ 2025.08 开启大额囤积模式，累计建仓 918 万枚… pic.twitter.com/6oKBqSAAKw— Ai 姨 (@ai_9684xtpa) May 20, 2026
Wallet cluster holds hundreds of millions in HYPE
According to the analyst, the wallets accumulated around 9.18 million HYPE tokens since August 2025. The position is estimated to be worth roughly $356 million, with an average entry price near $38.77 per token.
Blockchain tracking platform Lookonchain separately reported that the addresses acquired nearly 4.92 million HYPE since the beginning of 2026, valued at approximately $183 million during the purchases.
The report added that the wallets still control about 8.844 million HYPE spread across multiple addresses, despite transfers to exchanges and liquidity providers.
HYPE rally draws market attention
The accumulation comes as HYPE continues a strong market rally. Hyperliquid’s token climbed roughly 24% over six days, approaching a new all-time high amid growing interest in decentralized derivatives trading.
Market data cited in recent coverage showed HYPE rising from around $38.32 on May 13 to nearly $47.65. Trading activity also pushed the token close to the $48 mark as buying pressure intensified.
The rally has been supported by rising USDC liquidity, expanding synthetic trading markets, and stronger participation across the Hyperliquid platform.
ETF launches drive growth
Institutional interest in Hyperliquid has also increased following the launch of new HYPE-related investment products.
Bitwise Asset Management recently said it would allocate 10% of management fees from its BHYP Hyperliquid ETF toward purchasing and holding HYPE tokens. The ETF began trading on the New York Stock Exchange on May 15.
Meanwhile, products launched by Bitwise and 21Shares reportedly attracted more than $5.6 million in combined inflows shortly after launch. Bitwise CIO Matt Hougan characterized HYPE as one of crypto’s most mispriced assets, noting that investors may still be valuing Hyperliquid as only a fast-growing crypto derivatives exchange rather than recognizing it as a broader trading platform.
Hyperliquid currently processes around $8 billion in daily trading volume and controls more than half of the decentralized perpetual futures market, further strengthening investor interest in HYPE.
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