Large wallets linked by on-chain analysts to venture capital firm Andreessen Horowitz (a16z) have reportedly continued accumulating Hyperliquid’s native token, HYPE, withdrawing another $15.16 million worth of the asset from crypto exchanges in the past 24 hours.
According to blockchain analyst Ai Yi, the wallets withdrew 224,118 HYPE from multiple exchanges, extending a buying streak that has been ongoing throughout 2026. The latest transfers bring the total amount accumulated by the wallet cluster this year to 6.906 million HYPE, valued at approximately $322 million at current market prices.
The analyst estimated the average acquisition price at around $46.70 per token, suggesting the position is currently sitting on roughly $131 million in unrealized profit.
Wallet activity fuels suspicion
The latest withdrawals have drawn attention across the crypto market as traders attempt to determine the identity behind the accumulating wallets. While Ai Yi attributed the addresses to a16z based on on-chain activity, no official confirmation has been provided by the venture capital firm.
Blockchain analytics platforms often connect wallet addresses to entities through transaction histories, exchange flows, and previous wallet labels. However, such attributions remain speculative unless supported by public disclosures or direct statements from the entities involved.
The analyst also questioned whether the activity could be tied to another major institutional player, highlighting growing market speculation around large-scale HYPE accumulation.
Buying continues after earlier withdrawals
The latest transaction follows a series of sizable withdrawals reported over recent weeks.
Earlier updates from the same analyst claimed that an a16z-linked entity withdrew 174,917 HYPE worth more than $11 million within a 12-hour period. Another report indicated that the wallet resumed buying after a five-day pause, receiving nearly 254,000 HYPE valued at about $15 million from exchanges and market makers.
The repeated purchases have strengthened market attention on HYPE as institutional interest in the token appears to grow.
HYPE faces volatility amid whale activity
The accumulation trend comes during a turbulent period for Hyperliquid. After reaching an all-time high, HYPE has pulled back sharply, with the token trading around $61.37 on June 5, down more than 15% over the past 24 hours.
Selling pressure increased after crypto investor Arthur Hayes exited his entire HYPE position, reportedly offloading 247,334 tokens worth about $18 million.
Despite the decline, Hyperliquid continues to benefit from strong demand drivers. Its Assistance Fund allocates 97% of protocol fees toward open-market HYPE purchases, while growing trading activity and ETF-related interest have kept the token in focus.
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