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Hyperliquid ($HYPE) is one of the most popular and sought-after altcoins in recent days. $HYPE has experienced significant gains recently due to increased interest, ETF inflows, and purchases. The price of $HYPE has risen by 18% in the last 24 hours and by up to 50% in the last week.
Bloomberg ETF analyst Eric Balchunas made positive comments regarding the newly launched $HYPE ETF and its data. According to the analyst, while a 50% increase in trading volume in the first week for newly launched ETFs is quite rare, excitement surrounding the $HYPE ETF continues to grow.
Balchunas noted that most ETFs experience high interest on the first day but then lose volume or go unnoticed for a long time, but the $HYPE ETF moved in the opposite direction.
While ETF data continues to be positive, institutional accumulation is also increasing. In this context, it has emerged that a16z, one of the giant investment firms in the cryptocurrency sector, has been accumulating large amounts of $HYPE for some time.
Corporate Hype Accumulation is Increasing!
While a16z’s $HYPE purchases attracted attention in the market, it was revealed that Grayscale also accumulated $HYPE.
According to Lookonchain, a cryptocurrency analytics platform, evidence has been found indicating that a wallet belonging to the management company Grayscale recently made large purchases of HyperLiquid shares.
According to Lookonchain, citing Arkham data, two wallets linked to Grayscale purchased and staked a total of 510,387 $HYPE last week. This amount is equivalent to approximately $24.95 million.
According to Arkham data, one wallet linked to Grayscale holds $9.9 million worth of $HYPE, while another wallet holds $13.5 million worth of $HYPE.
Grayscale is buying $HYPE!
Grayscale had already filed the S-1 registration statement for the $HYPE ETF in January.
Over the past week, 2 wallets linked to Grayscale purchased and staked 510,387 $HYPE ($24.95 million).
According to market analysts, technically speaking, the $50-52 range is currently seen as the first significant support area that bulls need to defend. Analysts believe that if $HYPE manages to stay above this level, new all-time highs could be reached. Currently, however, $HYPE is behaving more like a momentum asset attracting significant capital rotation, rather than a speculative recovery.
Lastly, Grayscale also has a spot Hyperliquid ETF application, which is reportedly still under review by US regulators.
*This is not investment advice.