Hyperliquid Strategies increased its holdings by purchasing 494,200 HYPE tokens valued at $45.8 million, while market attention heightened amid significant whale transfers and unstaking activity. As these moves unfolded, HYPE hovered near its recent all-time highs.
Whale Activity and Large Transfers
On September 25, blockchain analytics firm Lookonchain tracked Hyperliquid Strategies’ recent acquisition, reporting that the purchase occurred over a 16-hour period from address 0x6436, which the firm associates with the entity. Throughout September, this address accumulated a total of 5.51 million HYPE, representing a cumulative value of about $476 million.
The wallet, tied to Hyperliquid Strategies Inc., now holds approximately 35.1 million HYPE with an estimated market value of $3.2 billion. Several major holders have been observed moving tokens to custodial exchanges or requesting unstaking within their ecosystems, contributing to rising speculation about potential sales.
Over the last month, address 0x6436 amassed more than 5.5 million HYPE tokens, equaling $476 million at current prices, and now controls a significant share of the token’s supply.
These wallet activities highlight increasing attention on the supply side as whale transactions continue to affect sentiment around the token.
Token Accumulation and Treasury Strategy
Despite finishing the last financial year with reduced cash reserves, Hyperliquid Strategies continued to build its HYPE treasury. At the close of the June 30 quarter, the company held 29.3 million HYPE valued at $1.9 billion. Hyperliquid, listed on Nasdaq, reported equity financing that reached $647 million. The purchase of 16.5 million HYPE between December and June cost $773.4 million.
Recent purchases occurred at an average price of $93.70 per HYPE, very close to the cryptocurrency’s all-time high. The company’s acceleration in buying activities has taken place as HYPE approached record prices. On September 23, the token hit a peak at $97.99, and by September 25, it was trading at $91.88, only slightly below its highest level.
CoinMarketCap listed HYPE’s daily trading volume at $1.14 billion, with a market capitalization of $23.4 billion. These figures position HYPE as one of the most actively traded digital assets this month.
| Metric | HYPE Value |
|---|---|
| All-time high price | $97.99 |
| Current price (Sept. 25) | $91.88 |
| Market capitalization | $23.4 billion |
| 24h trading volume | $1.14 billion |
Unstaking Trends and New Protocol Features
In parallel to Hyperliquid’s accumulation, several large token holders began moving funds into wallets ready for potential sale. Five wallets initiated the unstaking of 983,600 HYPE on September 24, valued at about $90.44 million. The largest of these unstaking requests involved 391,800 tokens worth nearly $36 million, with others collectively withdrawing another 591,800 tokens.
Native unstaking on Hyperliquid requires up to seven days before tokens are transferrable, during which they cannot be moved or traded. The anticipated release for this tranche falls around October 1. While these actions unlock supply, they do not indicate an immediate intent to sell.
Hyperliquid recently enabled borrowing capabilities for USDC and USDT using both HYPE and Bitcoin as collateral. The protocol assigns a 65% loan-to-value ratio for HYPE and a 50% ratio for Bitcoin.
Mini dictionary: Loan-to-value ratio (LTV) is a key risk metric used in crypto lending that measures the value of a loan as a percentage of the collateral backing it. A higher LTV allows users to borrow more against their assets but increases liquidation risk if collateral values fall.
Activity From Investment Firms
Multicoin Capital, a prominent cryptocurrency investment firm, transferred 130,331 HYPE worth $12.15 million to Coinbase Prime on September 24, following a week’s pause. Since July 28, Multicoin Capital has moved around 4.23 million HYPE valued at $285 million to Coinbase Prime.
“Transferring tokens to Coinbase Prime provides institutional custody, but post-deposit data is not visible on the public blockchain,” according to data cited by Lookonchain.
Moving tokens into Coinbase Prime, an institutional trading and custody platform, does not automatically trigger a market sale. These deposits, along with unstaking activity, have brought roughly $103 million worth of HYPE into play for possible trade, but there is no direct evidence these tokens will be sold.
Hyperliquid Strategies’ ongoing buying, set in contrast to large holders unlocking or transferring tokens, highlights a careful balance of supply and demand in the HYPE market.
Protocol Activity and Token Burning
Hyperliquid, the protocol behind the HYPE token, directs 97% of its trading fees into an Assistance Fund dedicated to acquiring HYPE from the open market. By May, purchases from this fund had exceeded $1.3 billion, with holdings of 28.5 million tokens at that time.
This mechanism is still in effect, and data for September indicates that 32,770 HYPE—valued at $2.65 million—was bought and burned over a 24-hour period ending September 12, with an average price of $81.01 per token. In total, around 48.57 million HYPE tokens, making up 4.86% of total supply, have been permanently taken out of circulation through burning.
While market participants await the next transfer or sale, on-chain data underscores ongoing large-volume purchases, transfers, and unlocking events pushing HYPE close to its peak value.
