Blockchain analytics firm Lookonchain flagged that wallet 0xb5E4, whose funding history and transaction patterns have led multiple analysts to associate it with a16z, bought another 372,000 HYPE tokens for $16.9 million over a three-hour window, bringing its total accumulated position to 2.11 million HYPE worth $90.87 million since April 14.

The timing is interesting to note given the purchase came just as bitcoin fell below $77,000, and the crypto market at large recorded $657 million in liquidations, all within 24 hours (a classic buy-the-dip signal from a large institutional actor).

Wallet 0xb5E4 linked to a16z’s recent buying activity, per Arkham

Earlier reporting confirmed that the same wallet had already staked approximately 1.3 million HYPE tokens worth around $51 million. Staking HYPE on Hyperliquid’s network contributes to validator operations and earns protocol rewards, a commitment consistent with a multi-year investment horizon rather than a quick trade.

HYPE is the native token of Hyperliquid, a platform for trading leveraged crypto contracts without a centralized intermediary. It has emerged as one of the most actively used onchain trading venues in 2026, hitting $10.1 billion in open interest earlier this year. The protocol has since expanded its product suite, launching staking to boost network decentralization, and rolling out HIP-4 outcome markets on May 2, offering zero-fee binary prediction contracts targeting Polymarket and Kalshi for onchain volume.

The institutional wrapper around HYPE has also thickened considerably in recent months, with 21shares launching the 21shares Hyperliquid ETF (Nasdaq: THYP) on May 12, offering U.S. investors spot exposure to HYPE with integrated staking rewards, recording $1.8 million in volume and $1.2 million in net inflows on its first day.

Separately, Bitwise filed a second amendment for its BHYP ETF on April 10, with analysts suggesting a U.S. launch could be near as the regulatory climate for crypto ETF products continues to improve.

It is worth noting that a16z has not publicly confirmed the wallet attribution. The association is based on funding patterns identified by onchain analysts, and the firm has not issued a statement. However, if confirmed, a $90.87 million position staked and accumulated over five weeks would represent one of the more aggressive institutional onchain bets of 2026.

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