Is Grayscale Accumulating Hyperliquid? Tens of Millions Added

After a wallet purportedly connected to Grayscale amassed more than $10 million worth of tokens through major trading firms and OTC desks, Hyperliquid's native token, HYPE, is experiencing one of its biggest rallies in months.

Institutional accumuation

Arkham data indicates that, through transactions involving Wintermute, FalconX, Coinbase, and Flowdesk, the address 0x61…4318 amassed roughly 176,050 HYPE, valued at almost $9.84 million. Additionally, the Hyperliquid System Address received over 149,000 HYPE, or about $7.49 million, from the same address.

HYPE/USDT Chart by TradingView

The market responded instantly. After the accumulation activity became apparent on-chain, HYPE surged sharply, surpassing the psychological $50 level and continuing its broader recovery trend. With prices trading well above the 50-, 100-, and 200-day moving averages, the chart currently displays one of the strongest structures among the major altcoins.

Additionally, momentum indicators lend credence to the breakout story. Strong buying pressure and rapid inflows into the asset have caused the RSI to move toward overheated territory.

The type of accumulation involved is what makes this move significant. In contrast to speculative retail chasing, large OTC and exchange-linked purchases typically reflect strategic positioning. Markets may view the accumulation as early institutional exposure to the Hyperliquid ecosystem if the Grayscale connection turns out to be correct.

The new king of decentralized trading

This is significant because Hyperliquid continues to establish itself as one of the most powerful decentralized perpetual trading platforms for cryptocurrencies. Throughout 2024, the HYPE narrative has been reinforced by rising activity, expanding liquidity, and increased trader migration toward decentralized derivatives infrastructure.