Wallets linked to a16z crypto may have become one of the largest HYPE holders, according to on-chain analysis shared by analyst @ai_9684xtpa. The wallets are estimated to hold 9.18 million HYPE tokens, valued near $356 million, with an estimated average purchase price of about $38.77. As reported by Binance News, the position represents a significant accumulation since August 2025, with the addresses reportedly adding 4.92 million HYPE in 2026 alone, including 206,000 tokens recently today. On-chain analyst @ai_9684xtpa has now updated his assessment, suggesting these wallets may rank as the sixth-largest HYPE holder and potentially the largest external holder outside addresses tied to Hyperliquid's own ecosystem.
The wallet activity coincides with a strong rally in HYPE tokens, which have gained 24% in six days and moved near all-time highs. According to Lookonchain data, the wallets still hold 8.844 million HYPE across dozens of addresses after transfers to exchanges and liquidity providers. Santiment data shows HYPE rose from $38.32 on May 13 to about $47.65, with TradingView placing the token near $48 and momentum indicators showing strong buying pressure. The rally has been supported by ETF demand, USDC growth, and synthetic market activity, demonstrating broad-based institutional and retail interest in the token.
HYPE has attracted significant attention from new investment products, with Bitwise announcing 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, while Bitwise's BHYP and 21Shares' THYP products have topped $5.6 million in combined net inflows after launch. Hyperliquid handles about $8 billion in daily trading volume and more than 50% of decentralized perpetual futures open interest, providing substantial liquidity for the token.
According to Bitwise CIO Matt Hougan, HYPE remains one of crypto's most mispriced assets, even after its strong 2026 rally. Hougan suggests investors may still be valuing Hyperliquid as a fast-growing crypto derivatives exchange rather than a broader trading platform. The analyst attribution regarding a16z-linked wallets should be treated as speculative, as the claim has not been publicly confirmed by a16z and uses cautious language including 'linked to' and 'may' rather than confirmed company filings. The wallet cluster represents a significant institutional accumulation that could influence future market dynamics as Hyperliquid continues to expand its trading platform capabilities.
