On-chain intelligence firm Arkham has flagged an address (0x61…4318) suspected to be linked to Grayscale that has accumulated tens of millions of dollars worth of HYPE over the past week. The wallet sourced tokens through a roster of institutional-grade counterparties — Wintermute, FalconX, Coinbase, and Flowdesk — pointing to a deliberate, multi-venue accumulation strategy rather than a single spot purchase.
The address currently holds 176,050 HYPE valued at approximately $9.84 million, but the position is larger than the wallet balance suggests: 149,100 HYPE worth roughly $7.49 million has already been transferred to the Hyperliquid System Address, bringing total identified accumulation to over $17 million combined.
If confirmed as Grayscale, the move would mark one of the first major traditional asset managers taking a structured, OTC-routed position in HYPE — a signal the market…
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