Whale buying around Hyperliquid’s HYPE token is still accelerating, with a wallet linked by on-chain monitors to a16z adding another 74,175 HYPE worth about $3.38 million. The latest buy was tracked by Lookonchain, which pointed to wallet 0xb5E4 as the buyer.
The same wallet has now accumulated about 1.71 million HYPE over the past month, worth roughly $72.81 million based on the reported purchase values. At HYPE’s latest market price near $45.42, that stack would be worth about $77.7 million before fees and any unrealized gain or loss tied to execution levels.
The attribution still needs careful wording. The wallet is linked to a16z through public on-chain labeling and monitoring, not through a new public statement from the venture firm. That makes the flow market-relevant, but not the same as an announced treasury allocation or formal fund disclosure.
Whale Accumulation Is No Longer A One-Wallet Story
The latest 0xb5E4 purchase lands after several large HYPE buys across different wallets. Earlier this week, Lookonchain tracked whale 0x4E53 buying and staking another 151,000 HYPE worth about $6.09 million. Over the past week, that wallet reportedly bought and staked 500,998 HYPE worth about $21.3 million.
Another wallet, 0xDeB0, bought 143,674 HYPE worth about $6.26 million over a 12-hour window, while two more addresses recently moved nearly $9.7 million in USDC into Hyperliquid to buy or bid for HYPE. That earlier flow included one wallet placing limit orders between $30.88 and $35.88 and another buying 62,230 HYPE worth about $2.43 million.
Those flows match the pattern already visible in recent HYPE whale buying, where large wallets have been willing to add exposure during pullbacks rather than only chase green candles. The repeated staking detail also matters because tokens moved into staking are less likely to behave like instant sell-side liquidity, although whale accumulation can still flip into distribution if support fails.
HYPE Price And Liquidity React To The Flow
HYPE was up more than 16% over 24 hours at the latest CoinGecko check, with market capitalization above $10.8 billion and 24-hour token volume above $832 million. The token remains below its $59.30 all-time high, but the rebound has pushed it back into the mid-$40s after recent pressure around the $39 to $44 range.
Hyperliquid’s market structure gives the token a stronger liquidity backdrop than many altcoins. CoinGecko tracked Hyperliquid spot volume above $288 million over 24 hours, with HYPE/USDC as the most active spot pair. Its futures exchange carried more than $9.4 billion in 24-hour volume and about $9.02 billion in open interest, keeping Hyperliquid central to the perp DEX trade.
The supply side adds one near-term checkpoint. CoinGecko’s tokenomics data lists the next HYPE unlock for June 6, when 9.92 million HYPE is scheduled for core contributors. That does not automatically mean sell pressure, but it gives traders a date to watch as whale accumulation, staking, exchange liquidity and derivatives positioning build around the same asset.
The immediate market read is clear enough without overstating it. HYPE is drawing repeated large-wallet demand while its exchange, spot market and futures book remain highly active. If buyers keep defending the mid-$40 area, attention can shift back toward the $50 zone and the old high near $59.30. If the latest whale demand fades before the June unlock, the same wallets that strengthened the bullish narrative will become the addresses traders watch for the first signs of distribution.
