Hyperliquid Whales Keep Loading Up

Two Large Wallets Drive $25M in HYPE Accumulation

Fresh whale wallets accumulated more than $25 million worth of $HYPE over an 18-hour window, according to onchain data shared by Lookonchain. The activity involved at least two distinct wallets, each moving significant sums off centralised exchanges and into what analysts read as long-term holding positions.

One newly created wallet withdrew 263,906 HYPE, valued at roughly $19.2 million, from multiple exchanges. The speed of the move and the use of a fresh address are consistent with patterns commonly associated with large private holders or institutional desks establishing new custody arrangements.

A second wallet, linked to Anchorage Digital, withdrew nearly $6.5 million worth of HYPE from Kraken. Anchorage Digital is a federally chartered digital asset bank serving institutional clients including hedge funds, venture capital firms, and family offices. The involvement of an Anchorage-linked address points toward organised, institutional-grade accumulation rather than retail activity.

Broader Institutional Appetite for HYPE

The two wallets are not acting in isolation. Onchain data shared by Lookonchain has also flagged an a16z-linked whale wallet that purchased over 206,000 HYPE worth nearly $10 million and staked the tokens, with the same address reportedly accumulating more than 2.34 million HYPE valued at roughly $102 million since mid-April.

The structural case for continued buying has support beyond individual wallets. Hyperliquid routes roughly 99% of platform fees into open-market HYPE purchases through its Assistance Fund. According to a Forbes analysis cited by crypto(.)news, the protocol has used more than $1.16 billion in fee revenue for token purchases since launch, making the buyback mechanism a significant and persistent source of demand.

On the ETF side, Bitwise launched its spot Hyperliquid ETF under the ticker BHYP on the NYSE on May 15, 2026, while 21Shares listed its THYP fund on Nasdaq on May 12. Grayscale has filed for a Hyperliquid Staking ETF under the ticker HYPG, with Bloomberg Intelligence analyst James Seyffart flagging its launch as imminent. Combined inflows across the Bitwise and 21Shares funds topped $60 million in their first week of trading.

Taken together, the latest whale moves add to a broader pattern of large holders removing HYPE from exchanges, a signal that tends to reduce available supply and reinforce upward price pressure when demand holds firm.

Sources:
crypto(.)news: Hyperliquid buybacks, not ETFs, may be driving HYPE's record run
Bitwise: Bitwise Launches Spot Hyperliquid ETF (BHYP)
The Block: Grayscale sets fee for its Hyperliquid ETF