A group of 12 cryptocurrency wallets deposited 36 million USDC into Hyperliquid over a 24-hour period and used around $24 million of those funds to buy HYPE tokens, according to blockchain analyst EmberCN.
The wallets reportedly purchased 282,090 HYPE at an average price of about $81.50 per token. EmberCN suggested the wallets may be connected to venture capital firm Andreessen Horowitz (a16z), but there is currently no public confirmation supporting that claim.
Blockchain data can show transactions, purchases, and staking activity, but it cannot confirm who owns a wallet unless additional evidence is provided.
According to the analysis, the wallet group still held around $12 million in USDC after completing the purchases, leaving room for possible future buying activity.
Rather than making one large purchase, the wallets appeared to spread transactions across multiple addresses. This approach can help reduce market impact and attract less attention than a single large order.
EmberCN estimated that the group now holds and stakes approximately 4.679 million HYPE tokens, worth around $381 million at current market prices. Based on the analyst’s calculations, the average purchase price is about $65.60 per token, giving the position a sizable unrealized profit.
The latest purchases reportedly followed earlier HYPE acquisitions made in June, when the same wallet cluster was said to have bought tokens at lower prices.
Despite the speculation, there is still no public statement, regulatory filing, or signed wallet message linking the addresses directly to a16z. For now, the connection remains an unverified assumption based on blockchain analysis.
Analysts often group wallets together by studying transaction patterns, funding sources, and wallet interactions. While these methods can reveal coordinated activity, they do not always identify the actual owner behind the addresses.
Market observers are now watching the remaining $12 million in USDC held by the wallets. If those funds are used to buy more HYPE, the transactions will be visible on-chain. Until ownership is confirmed, however, the reported holdings should be viewed as an analyst-attributed wallet cluster rather than a verified institutional position.
