Twelve wallets suspected to belong to a16z transferred 24 million USDC into Hyperliquid over the past 20 hours.

According to Odaily, on-chain analyst Yu Jin has monitored that 12 wallets suspected to belong to a16z have transferred 24 million USDC into Hyperliquid over the past 20 hours, and are currently using TWAP (Time-Weighted Average Price) to purchase HYPE.

They are currently the largest institutional holder of HYPE and one of the main drivers behind HYPE's continuous new highs in recent months:

Excluding their current ongoing purchases, since March they have used more than one hundred wallets to transfer a total of 259 million USDC into Hyperliquid to buy and stake 4.035 million HYPE at an average price of around $64. Their unrealized profit is approximately $29 million.