a16z Wallets Hold $356M in HYPE, Rank No. 6 Among Top Holders?

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<a href="https://bbg-news.com/hype-usd/">HYPE</a> whale alert: a16z-linked wallets may rank No. 6

Recent on-chain data from @ai_9684xtpa suggests that wallets associated with a16z crypto may now hold a significant amount of the HYPE token, potentially making them one of the largest holders.

Summary

  • Wallets linked to a16z may hold 9.18 million HYPE, valued near $356 million, analysts estimate.
  • The addresses reportedly added 4.92 million HYPE in 2026, including 206,000 tokens recently today alone.
  • Hyperliquid demand has risen as HYPE ETFs, buybacks, and trading volume attract fresh market attention.

According to on-chain analyst @ai_9684xtpa, wallets potentially connected to the venture capital firm a16z now hold a significant amount of HYPE, possibly making them the sixth-largest holder overall. These wallets may also be the largest HYPE holders outside of those directly associated with the Hyperliquid platform itself.

a16z hasn’t officially confirmed these reports. Because the sources use words like “linked to” and “may,” the connection to the wallet cluster is currently considered an analyst’s educated guess, not an official statement from the company.

Wallets reportedly hold $356m in HYPE

These wallets have collected approximately 9.18 million HYPE tokens since August 2025. According to Binance News, referencing an analyst’s report, this collection is currently worth around $356 million, with the tokens having been purchased at an average price of about $38.77 each.

According to Lookonchain, these addresses have accumulated 4.92 million HYPE tokens since the beginning of 2026, currently valued at around $183 million. Despite some transfers to exchanges and liquidity providers, the wallets still hold a substantial 8.844 million HYPE across multiple addresses.

HYPE rally adds market context

Recent activity involving the wallet coincides with a positive trend for HYPE. Reports indicate that Hyperliquid’s token increased by approximately 24% in just six days, approaching its record high, driven by demand for ETFs, growth in USDC, and activity in synthetic markets.

The report highlighted data from Santiment, which showed the price of HYPE increasing from $38.32 on May 13th to around $47.65. According to TradingView, HYPE was trading near $48, and indicators suggested significant buying activity.

ETF flows support Hyperliquid demand

HYPE is attracting investment, and a new fund, the Bitwise Hyperliquid ETF (BHYP), is putting its money where its mouth is. Bitwise plans to use 10% of the fund’s management fees to directly purchase and hold HYPE. This ETF began trading on the New York Stock Exchange on May 15th.

Recent reports show that Bitwise’s BHYP and 21Shares’ THYP have together attracted over $5.6 million in investments since their release. Hyperliquid is also proving popular, processing around $8 billion in trades daily and accounting for over half of all open interest in decentralized perpetual futures.

From my perspective, Hyperliquid appears significantly undervalued, even after its impressive performance this year. Bitwise CIO Matt Hougan recently highlighted this, suggesting the market still primarily sees it as *just* a crypto derivatives exchange, and isn’t fully recognizing its potential as a more comprehensive trading platform. This mispricing could present an opportunity for investors.

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2026-05-20 10:44