According to on-chain analysis data, 12 wallets believed to be linked to a16z transferred $24 million worth of $USDC to Hyperliquid in the last 20 hours. These wallets reportedly accumulated Hyperliquid’s native token, $HYPE, gradually through TWAP orders.
TWAP, or Time Weighted Average Price, allows large purchases to be spread over a specific time period without creating a sudden price impact in the market. The shared screenshot shows multiple TWAP transactions for $HYPE, each worth approximately $1.20 million, equivalent to over 27,000 token purchases.
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According to the data, excluding recent purchases, wallets allegedly associated with a16z have transferred a total of $259 million $USDC to Hyperliquid from over 100 different addresses since March. It is reported that 4.03 million $HYPE tokens were purchased and staked with these funds.
According to the data, the average cost of these $HYPE purchases is approximately $64. Based on current prices, the position is estimated to have approximately $29 million in unrealized profit.
*This is not investment advice.
