Hyperliquid Strategies bought another 494,200 HYPE worth $45.8 million as large holders moved tokens toward potential sale. Whale transfers and unstaking requests also increased attention on supply, while HYPE traded near its recent record high.
According to blockchain tracking firm Lookonchain, which documented the most recent transaction on September 25, the investor spent 16 hours purchasing the token from address 0x6436, which was connected to the entity by the firm.
During this month, 0x6436 accumulated 5.51 million HYPE with a market capitalization of roughly $476 million, translating to a daily acquisition rate of 183,574 HYPE for 15.86 million.
The entity currently owns 35.1 million HYPE, valued at around $3.2 billion. As competing whales sell tokens to custodial exchanges or initiate unstaking procedures within their ecosystems, this trend gains significance.
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Why Is Hyperliquid Strategies Expanding Its HYPE Treasury?
Hyperliquid Strategies has continued building its treasury despite concluding the last fiscal year with reduced cash reserves. At the end of its most recent financial quarter ended June 30, the Nasdaq-listed company maintained $1.9 billion worth of 29.3 million HYPE tokens.
Equity financing amounted to $647 million. According to Hyperliquid, the purchase cost of 16.5 million HYPE between December was $773.4 million. Most recent wallet balance records confirm that token accumulation continued after June 30.
These acquisitions occurred at an average cost of $93.70 per HYPE. This reflects proximity to peak HYPE prices since the cryptocurrency’s inception.
What Pushed HYPE Toward New All-Time Highs?
Hyperliquid Strategies has been continuously releasing HYPE, reaching all-time highs as the token approaches record territory. On Sept. 23, HYPE reached its highest ever value at $97.99 before correcting slightly.
HYPE was changing hands at $91.88 as of Sept. 25. This represents 1.3% beneath all-time highs. As per CoinMarketCap data, HYPE daily trading volumes close to $1.14 billion, with a current market cap of $23.4 billion.
The rally coincides with several other events related to Hyperliquid. In September, HYPE previously attained new all-time highs of $92.56.
This follows the launch of borrowing capability on USDC and USDT against HYPE and Bitcoin collaterals. Both assets may be supplied and borrowed for stablecoins via the protocol. HYPE has a loan-to-value ratio of 65%. Bitcoin collaterals have a loan-to-value ratio of 50%.
Why Are Large HYPE Holders Unstaking Nearly $90M?
Another group of large token holders started to transfer tokens to holding wallets where they would be available for sale. Five addresses began unstaking a total of 983,600 HYPE on Sept. 24.
The tokens were worth about $90.44 million at the time. TradingBeats data cited by Lookonchain showed that the largest address began unstaking 391,800 HYPE worth nearly $36 million.
Another address started withdrawing 209,600 HYPE, worth about $19.24 million. The unstaking requests from three other wallets totaled approximately 382,200 HYPE.
Native unstaking requests for Hyperliquid can take up to seven days to be processed. That time the tokens are not transferable, not tradeable, and not restakable.
The current tranche should be transferable around Oct. 1. Unstaking does not indicate that the holders are planning a sale.
A similar case appeared in late August. A wallet attributed to HyperLabs requested the unstaking of around 433,000 HYPE, worth $36.14 million.
HyperLabs had previously processed withdrawals via Flowdesk. That history did not indicate whether the unstaked tokens would be sold in the future.
Where Is Multicoin Capital Moving Its HYPE?
Multicoin Capital has also transferred HYPE to Coinbase Prime. The firm transferred an additional 130,331 HYPE valued at $12.15 million on Sept 24, Lookonchain reported.
This transaction came after the initiative paused for one week. Multicoin has transferred approximately 4.23 million HYPE, valued at $285 million, to Coinbase Prime since July 28.
Transferring into a Coinbase Prime account does not constitute a sale. The platform conducts institutional custody, and execution services are provided, and it is impossible to view the blockchain data after deposit.
Multicoin had significant exposure to HYPE earlier this year. In May, three wallets linked to the investment firm have wagered approximately 1.96 million HYPE on HyperCore.
At the time, their combined holdings were close to 2.83M tokens. The recent transfers have drawn attention because of their scale.
Multicoin’s recent deposit and the five unstaking requests have put approximately $103 million worth of HYPE in play for trading. The developments do not state that a sale will actually happen.
Why Does HYPE Supply and Demand Matter Now?
Hyperliquid Strategies is now the buyer, and the large holders are either transferring or unlocking the tokens. That contrast has led to a more scrutinized balance between supply and demand in the market.
The company added another $45.8 million in HYPE over 16 hours. Hyperliquid Strategies has also accumulated 5.51 million tokens worth about $476 million during the past month.
Another source of demand is protocol activity. Hyperliquid sends 97% of its protocol trading fees to its Assistance Fund, which is used to continuously purchase HYPE.
By May, the fund had spent more than $1.3 billion acquiring HYPE. At the time it had approximately 28.5 million tokens.
This mechanism continued to be in effect in September. According to data from Lookonchain cited by OnchainLens, over a 24-hour period ending Sept 12, a total of 32,770 HYPE worth approximately $2.65 million was bought and burned.
The average purchase price was $81.01. The total number of tokens burned was approximately 48.57 million HYPE, which was around 4.86% of the total token supply.
Hyperliquid Strategies may thus remain a big buyer as tokens keep going out of circulation from protocol acquisitions. Meanwhile, the number of HYPE tokens that can be moved could rise due to Coinbase Prime deposits and pending unstaking requests.
The available blockchain data does not show whether those holders plan to sell. It does indicate, however, that there are large-volume buying, transferring, and large-volume unlocking requests taking place as HYPE gets close to their record price.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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