a16z, $356 million HYPE, beyond Paradigm to the largest external holding facility
By Zhou, ChainCatcher
ON MAY 21ST, HYPE BROKE 59 DOLLARS, UP BY 20 PER CENT IN 24 HOURS SINCE SEPTEMBER 2025, WITH A MARKET VALUE OF NEARLY $15 BILLIONPlacebarGlobalI don't think soOneOneFirst NameI don't know。
According to SantiagoSQUEEZING AND ETF INFLOWSIt's the direct trigger of the wave。
IN THE PAST FEW DAYS, A LARGE NUMBER OF TRADERS HAVE BETTED ON THE DOWNSIDE OF HYPE, AND THERE HAS BEEN A MARKED RISE IN NEGATIVE FINANCIAL RATES ACROSS TRADING PLATFORMS. FOLLOWING CONTINUED HIGH PRICES, TRADERS WERE FORCED TO BUY BACK POSITIONS AND FURTHER RAISE PRICES. HYPE CONTRACTS REMAIN AT A HIGH LEVEL OF OVER $1.92 BILLION, WITH NEW TRADERS ENTERING THE FIELD ON A CONTINUOUS BASIS AND HOLDING A STABLE SIZE。
At the same time, the ETF channel simultaneously magnifies the flow of funds. According to SoSoValue data, the first week of tracking two American spot ETF (21 Shares THYP and Bitwise BHYP) net inflows of about $22.3 million were recorded in the first weekYesterdayOver $25.46 million a dayNet inflowsI don't know。
According to the analyst, of the first six trading days, three days of net inflows adjusted for market value were stronger than bitcoin ETF and five days were better than ETF. Of these, Bitwise announced that 10 per cent of the BHYP management fee would be used for the continuous purchase and pledge of HYPE on the company ' s balance sheet。
It is a matter of concern that over the past three days, a16z, Goldman Sachs, Greyscale, Galaxy Digital almost synchronized its hand, and the largest external holding agency of hype has secretly completed a handover。
According to Aunt Ai, a16z, a chain analyst, has been accelerating steadily since August 2025, when a large warehouse model was launched. At present, 9.18 million HYPEs are accumulated, with a total value of about $356 million, at an average price of $38.77, which are stored at dozens of addresses, mostly in pledge statusIt has become the largest external storage facility for HYPE, surpassing Paradigm, who has long occupied this position。
within nearly 24 hours, a16z raised 2,597,000 additional items from major exchanges at an average price of us$ 51.17, with an excess of us$ 79 million on the books, and has not stopped。
OTHER AGENCIES ARE EQUALLY INTENSE. GOLDMAN SACHS RECENTLY SOLD MORE THAN $152 MILLION XRP, $500 MILLION ETH AND $450 MILLION BTC TO BUY HYPE; THE GREYSCALE LINKED ADDRESS BOUGHT AND PLEDGED APPROXIMATELY $24.95 MILLION HIPE WITHIN A WEEK, ADDING APPROXIMATELY $12.1 MILLION IN APPROXIMATELY 17 HOURS, AND THE GREYSCALE SUBMITTED AN APPLICATION FOR REGISTRATION FOR THE HYPE SPOT ETF IN JANUARY THIS YEAR。
In addition, Galaxy Digital associated wallets bought approximately $8.8 million in two hours; 1011 insider whale agent Garrett Jin also bought 10 million USDC directly from Hyperliquid。
Bitwise Chief Investment Officer Matt Hougan RecentQUALIFY HYPE AS ONE OF THE MOST DISTORTED PRICING ASSETS IN THE CURRENT ENCRYPTION MARKETI don't know. In his view, the market still prices HYPE in a framework of dEX tokens that lasts forever, and the real volume of Hyperliquid is well beyond that framework, with nearly half of the Platform’s transactions related to non-encrypted assets, covering a wide range of assets such as commodities, stock indices, RWAs and even forecast markets。
This is supported by the real income generated by the Hyperliquid agreement itself. The Platform has channelled 97 per cent of its fee income into Assistance Fund, continuously buying and destroying HYPE on the open market, cumulatively buying over $2.49 billion from 2025 to date, or 46 per cent of the industry ' s total buy-back。
The chain data show that Hyperliquid recently accounted for more than 42 per cent of the Internet block chain fees。
Sources of income have also continued to expand. The upgrade of AQAv2 was activated after Coinbase as the capital deployer of the USDC Treasury, in collaboration with Circe, and it is expected that USDC reserve returns will add some $440,000 per day to the potential buy-back of the agreement。
ON THE RWA SIDE, WHEN THE HIP-3 CAME ONLINE, THERE WAS A CONTINUING OUTBREAK OF LONG-TERM CONTRACTS FOR OIL, GOLD, SILVER AND OTHER COMMODITIES, AND THE SINGLE-DAY PEAK OF THE CONTRACT FOR THE RENEWAL OF CRUDE OIL DURING THE IRANIAN CONFLICT HAD BEEN EXCEEDED BY $2.2 BILLION。
At present, the Hyperliquid platform, RWA, has risen to a historic high of $2.6 billion, twice as high as two months ago. The total number of users reached 1.2 million and the total volume of transactions was 4.33 trillion dollars, representing about 70 per cent of the lasting DEX market。
With regard to the HIP-4 forecast market, Hyperliquid officially announced market functionality in May this year, with the first BTC price heading with a single-day transaction volume of two-dollar contracts about three times the combined market volume of Polymarket and Kalshi. ChainCatcher is hereHyperliquid, can you win by killing the forecast marketDetailed analysis is available。
Pollymarket's latest data shows that market bets are up to US$ 66 by 2026CC BY-NC-ND 2.0% with a probability of reaching $80 4Six%, probability of reaching $100ThreeTwo%。
Earlier, the BitMEX co-founder Arthur Hayes had publicly shouted that the HYPE was expected to reach $150 by August, and again today in social media, it was said that HYPE was getting closer and closer to its historic height。
The Hayes Maelstrom Foundation had previously sold the holding stock of ENA, PENDLE, ETHFI and then the warehouse HYPE. According to HyperInsight monitoring, Arthur Hayes currently holds 247,334 HYPEs valued at $14.5 million, with an excess of $6.5 million。
However, the rapid expansion of Hyperliquid has caused trouble. Especially after the launch of the HIP-3, the trade in chained commodity contracts quickly encroached on the weekends and hours behind the traditional exchangeStepping on the edge of Wall StreetI don't know。
In recent days, CME and ICE have joined forces to pressure the United States CFTC to register and regulate Hyperliquid, arguing that its anonymous, year-round trading environment could distort global oil price benchmarks。
At the same time, according to Hyperinsight chain monitoring, the two addresses marked as mainstream traders in Hyperliquid took almost 90 per cent of the BTC and ETH liquidity over the same period of time, and the total volume of evacuation was estimated at nearly $100 million. ChainCatcher is here"Hyperliquid entangled Wall Street's Bureau and ran off as a marketerThis background is analysed in detail。
As the currency went upHYPE HAS INCREASED BY MORE THAN 125% SINCE THIS YEARFDVOne timeBeyondYeahSOLI don't knowThe operational risks are no longer negligibleI don't know. According toThe chainMONITORING, WITH LARGE HOUSEHOLDS HOLDING LARGE AMOUNTS OF HYPE SPOT STORAGELet's goBillionUnited States dollarsYesEmpty positions are hedged。
Uncertainty at the regulatory level has not been diffused, and the attitude of the CFTC towards Hyperliquid remains at the top. Beyond the multi-space rivalry, this game of financial boundaries along the chain is also not over。
