Hyperliquid Strategies has bought another 494,200 HYPE worth around $45.8 million, continuing its aggressive accumulation of the token even as several large holders move or unstake HYPE.
According to onchain data reported by Lookonchain on Sept. 25, the latest purchases were made over a 16-hour period. The company has now bought around 5.51 million HYPE worth roughly $476 million during the past month.
Hyperliquid Strategies currently holds about 35.1 million HYPE, valued at around $3.2 billion.
The company’s latest buying comes as HYPE trades close to its record price. The token reached an all-time high of $97.99 on Sept. 23 before pulling back.
HYPE was trading near $91.50 on Sept. 25, around 6.6% below its record. Trading activity remained strong, with daily volume around $1.24 billion and the token’s market value near $20.5 billion.
Hyperliquid Strategies has continued increasing its HYPE holdings at much higher prices than earlier in the year. Separate onchain data showed the company purchased around 1.44 million HYPE worth $135 million during the week ending Sept. 24, at an average price of about $93.70.
The company’s latest holdings are much larger than they were just a few months ago. As of June 30, Hyperliquid Strategies held around 29.3 million HYPE worth $1.9 billion after raising $647 million through an equity offering.
At that time, the company said it had spent $773.4 million to acquire around 16.5 million HYPE since December. Its latest holdings show that the treasury has continued to expand significantly.
While Hyperliquid Strategies has been buying, other large HYPE holders have been moving tokens toward platforms where they could potentially be sold.
Multicoin Capital transferred another 130,331 HYPE worth about $12.15 million to Coinbase Prime on Sept. 24.
That brought Multicoin’s total transfers to Coinbase Prime since July 28 to around 4.23 million HYPE worth roughly $285 million.
However, sending HYPE to Coinbase Prime does not prove that Multicoin sold the tokens. Coinbase Prime provides institutional custody and trading services, so the available onchain data cannot show what happened after the tokens arrived.
Another potential source of supply is coming from large holders who have started unstaking their HYPE.
Five addresses began unstaking a combined 983,600 HYPE worth around $90.44 million on Sept. 24.
The largest address started unstaking about 391,800 HYPE worth nearly $36 million. Another removed 209,600 HYPE worth around $19.24 million, while three other addresses began unstaking a combined 382,200 HYPE.
These tokens have not been sold.
Hyperliquid’s native unstaking process requires users to wait seven days before the tokens become available in their spot balances. This means the HYPE involved in the latest unstaking transactions is expected to become transferable around Oct. 1.
The tokens could then be moved, sold or restaked, depending on what the holders decide to do.
A similar situation occurred in August when a wallet linked to HyperLabs began unstaking around 433,000 HYPE worth about $36.14 million. Previous withdrawals connected to HyperLabs had been sent through Flowdesk, but the transactions themselves did not prove that a sale took place.
Large token unlocks have also not automatically resulted in large exchange inflows.
Hyperliquid released around 9.92 million HYPE worth approximately $820 million on Sept. 6. However, historical data from an earlier unlock showed that only around 1.75% of released tokens reached exchanges during the following 30 days.
HYPE has continued to pull back from its record level as these large-holder movements take place.
The token closed around $97.19 on Sept. 22 before falling to $93.98 on Sept. 23 and $92.08 on Sept. 24. It was trading near $91.50 on Sept. 25.
Still, the recent movements do not confirm that the tokens will be sold.
The Coinbase Prime transfer gives Multicoin access to institutional custody and execution, while unstaking simply makes the tokens available for transfer after the seven-day waiting period.
Together, however, the movements have placed nearly $103 million worth of HYPE into positions where the tokens could potentially become available for sale.
At the same time, there is continued buying pressure from Hyperliquid Strategies and the Hyperliquid protocol itself.
Hyperliquid directs 97% of its protocol trading fees toward continuous HYPE purchases through its Assistance Fund.
The fund had spent more than $1.3 billion buying HYPE by May and held around 28.5 million tokens.
The buyback activity has continued in September. Data cited by Lookonchain showed that around 32,770 HYPE worth approximately $2.65 million was bought and burned during a 24-hour period ending Sept. 12.
The average purchase price was about $81.01.
Cumulative HYPE burns had reached roughly 48.57 million tokens at that point, equal to around 4.86% of the token’s maximum supply.
For now, HYPE is facing two opposing forces: large purchases from Hyperliquid Strategies and ongoing protocol buybacks on one side, and large holders moving or unstaking tokens on the other.
Whether those movements turn into actual selling will depend on what the holders do once the tokens become available.
