Hyperliquid’s HYPE token has drawn fresh market attention after on-chain data showed suspected Grayscale-linked wallets accumulating and staking the asset. The buying activity comes during a strong week for HYPE-linked exchange-traded products and rising institutional interest in the Hyperliquid ecosystem.
According to onchain trackers, two wallets linked to Grayscale bought 510,387 HYPE, valued at about $24.95 million, over the past week and staked the tokens. Grayscale had already filed an S-1 registration statement for a HYPE ETF in January, adding to market focus around the asset.
Arkham data cited by Wu Blockchain also showed a suspected Grayscale-linked address accumulating HYPE through exchanges and over-the-counter desks, including Wintermute, FalconX, Coinbase, and Flowdesk. The address reportedly held 176,050 HYPE worth about $9.84 million and transferred 149,100 HYPE, worth about $7.49 million, to the Hyperliquid System Address.
Grayscale and Institutions Accumulate HYPE
Grayscale was not the only large buyer tracked by onchain analysts. Lookonchain reported that a wallet linked to Galaxy Digital bought 158,100 HYPE, valued at about $8.8 million, within two hours.
Another newly created wallet withdrew 536,247 HYPE, worth about $29.87 million, from Coinbase over two days. Separately, a whale deposited 19 million USDC into Hyperliquid and bought 76,600 HYPE worth about $3.8 million while the buying activity was still ongoing.
An a16z-linked whale also created a new wallet and bought 206,325 HYPE, valued near $9.95 million, before staking the tokens. Since April 14, the same whale has reportedly accumulated 2.34 million HYPE worth about $102 million.
These transactions have increased attention on institutional and whale demand for HYPE. Market participants are watching whether staking activity reduces liquid supply while ETF-related demand adds more buying pressure.
HYPE ETF Flows Add Market Support
HYPE-linked ETFs have also recorded strong early activity. Reports said HYPE spot ETF flows reached $53.5 million within seven days of launch, including a daily flow of $25.5 million.
Bitwise has disclosed its ETF addresses and has reportedly bought $19.78 million in HYPE so far, then staked the holdings. Arkham said those holdings were already up by about $2.4 million at the time of reporting.
Bloomberg analyst Eric Balchunas recently noted that the 21Shares Hyperliquid ETF, trading under THYP, had seen volume rise sharply since launch. According to him, THYP and BHYP both saw another 50% jump in trading volume, with combined turnover heading toward $40 million. He added that the launch was well timed because stocks, bonds, gold, Bitcoin, and broader crypto markets have been under pressure, while HYPE has risen 27% since THYP launched on May 12.
Source: X
Goldman Sachs also appeared in market discussions after reports said the bank had exited XRP and Solana ETF positions, cut Ethereum ETF exposure, and opened a new position linked to Hyperliquid. The reported HYPE-related position was smaller than its Bitcoin ETF allocation, but it added to the institutional narrative around the asset.
Hyperliquid Price Nears Previous High
According to crypto analyst Crypto Patel, the HYPE price recently traded near $57 after briefly breaking above $50, bringing the token close to its prior all-time high near $59.30. The move follows a rebound from the $20 area, where buyers entered after a long correction from earlier highs.
The current price structure shows HYPE trading near the upper end of its recent range. A daily close above the previous high could place the token into price discovery, while rejection near current levels may lead to a retest of lower support zones.
Source: X
The first key support area sits near $50, followed by the prior breakout region around $45.37. A move below that level could weaken short-term momentum and bring the $35 area back into focus.
Some traders have warned that the rally may carry “buy the rumor, sell the news” risk because ETF launches and institutional buying have already been priced into the recent move. Others continue to watch longer-term targets near $100 to $150 if ETF demand, staking and Hyperliquid activity remain strong.
