Grayscale Linked Wallet Loads Up On HYPE

A wallet suspected to be tied to Grayscale has accumulated more than $10 million worth of Hyperliquid's native token $HYPE over the past week, according to on-chain data flagged by blockchain analytics firm Arkham.

The address amassed roughly 176,050 HYPE, valued at nearly $9.84 million, through transactions involving Wintermute, FalconX, Coinbase, and Flowdesk. The tokens were sourced across a mix of centralised exchanges and over-the-counter desks, suggesting a deliberate, structured approach rather than a simple market buy.

It is worth noting that the Grayscale attribution has not been publicly confirmed by the firm. The wallet label has not been confirmed, and Arkham's AI labels are used for tracking purposes but may require further confirmation.

Institutional Interest Builds Around HYPE

The suspected Grayscale wallet is not the only institutional-scale address building a position in HYPE. Blockchain analytics firm Lookonchain flagged that a wallet 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.

On the product side, institutional access to HYPE is also expanding through regulated vehicles. 21Shares launched the first U.S.-listed Hyperliquid ETF on Nasdaq on May 12, 2026, drawing over $5 million in days. Bitwise followed with its BHYP ETF on NYSE, pledging 10% of fees to HYPE buybacks. Earlier, Grayscale Investments submitted a Form S-1 to the SEC for the "Grayscale HYPE ETF," a passive grantor trust holding HYPE tokens directly, targeting a Nasdaq listing under ticker GHYP.

HYPE Price Surges on Accumulation News

As of May 21, 2026, HYPE has climbed sharply, trading around $56, with a 16% surge in the last 24 hours and over 46% gains in the past week. This momentum pushed Hyperliquid's fully diluted valuation above Solana's, marking a major milestone for the decentralised exchange.

The broader rally has solid fundamentals behind it. Hyperliquid is a layer-one blockchain best known for perpetual futures and spot trading, with an ecosystem that also supports borrowing, lending, real-world assets, and a full Ethereum Virtual Machine. Notably, 97% of the protocol's revenue is allocated to HYPE buybacks, directly linking the platform's success to token value.

This article is for informational purposes only and does not constitute financial advice.

Sources:
U.Today: Is Grayscale Accumulating Hyperliquid?
Bitcoin.com: Potential A16z-Linked Wallet Stacks $90.87M in HYPE
The Crypto Times: HYPE Price Explodes 45% in a Week