Hyperliquid, $10 Million Surprise Move...Is the Wallet Owner 'Grayscale'?

▲ Hyperliquid (HYPE), cryptocurrency whale/AI generated image

Market attention has focused on a wallet, possibly linked to Grayscale, being observed to acquire Hyperliquid (HYPE) on a large scale. With millions of dollars worth of token movements confirmed through major trading firms and over-the-counter (OTC) desks, questions have arisen as to whether institutional funds are increasing their exposure to HYPE.

U.Today reported on May 21 (local time) that a wallet reportedly linked to Grayscale accumulated over $10 million worth of HYPE, after which HYPE showed one of its strongest rallies in months. According to Arkham data, the address 0x61…4318 collected approximately 176,050 HYPE through transactions related to Wintermute, FalconX, Coinbase, and Flowdesk. This amount was valued at approximately $9.84 million.

More than 149,000 HYPE also moved from the same address to a Hyperliquid system address. This amount was valued at approximately $7.49 million. Combining the two transactions, the total major HYPE movement mentioned in the article amounts to approximately $17.33 million. U.Today explained that these movements are significant because they involve large OTC and exchange-linked purchases, unlike simple retail investor-driven buying.

The market reaction was immediate. After on-chain accumulation movements were confirmed, HYPE surpassed the $50 mark, considered a psychological resistance level, and continued its recovery trend. According to U.Today, HYPE moved above its 50-day, 100-day, and 200-day moving averages on the chart, showing a strong structure among major altcoins. It was explained that with strong buying pressure and rapid fund inflows, the Relative Strength Index (RSI) is also moving towards the overbought zone.

Hyperliquid was mentioned as a project growing in influence among decentralized perpetual futures trading platforms for cryptocurrencies. U.Today assessed that increased activity, expanded liquidity, and a growing number of traders moving to decentralized derivatives infrastructure throughout 2024 have strengthened the HYPE narrative. If the Grayscale linkage theory is confirmed, an analysis also suggested that the market could interpret this accumulation as early institutional exposure to the Hyperliquid ecosystem.

However, risks associated with a short-term surge were also raised. U.Today pointed out that after a parabolic rally, the likelihood of profit-taking and increased volatility grows. Technically, the $50 to $52 range was presented as the first key support level that a bull market must maintain. If HYPE settles above this range, it could continue its attempts to break all-time highs, and the current trend was assessed as being closer to a momentum asset attracting large-scale fund circulation rather than a simple rebound.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*