- Arkham data shows a suspected Grayscale wallet now holds 176,050 HYPE worth about $9.84 million.
- Arkham says the Grayscale-linked wallet accumulated HYPE via OTC and exchanges.
- HYPE surged above $50 amid rising accumulation signals, extending its weekly gains to nearly 47%.
Arkham Intelligence has flagged fresh on-chain activity involving an address suspected to be linked to Grayscale after the wallet accumulated a large position in HYPE over the past week.
The address, 0x61…4318, currently holds 176,050 HYPE, valued at about $9.84 million. It also transferred 149,100 HYPE, worth roughly $7.49 million, to the Hyperliquid System Address.
Arkham Flags Suspected Grayscale Wallet With $10M HYPE
According to Arkham, the suspected Grayscale-linked address built its position through exchanges or OTC desks, including Wintermute, FalconX, Coinbase, and Flowdesk.
That route has made the activity stand out from typical retail buying. Basically, large exchange-linked and OTC flows are often closely tracked, as they can indicate concentrated positioning by major market participants.
The timing has also drawn attention, given that Grayscale is already pursuing a regulated investment product tied to the asset. A March SEC filing showed that the Grayscale HYPE ETF was formed as a Delaware statutory trust.
The filing described the product as a vehicle designed to hold HYPE, the native asset of the Hyperliquid Network. That link has made the wallet activity more closely watched by traders and on-chain analysts.
HYPE Jumps 14% as Accumulation Fuels $50 Breakout
The HYPE token rallied sharply as on-chain accumulation increased, pushing above the psychological $50 level. Its move extended the broader recovery trend seen in recent sessions. At press time, HYPE was trading near $57.10 after rising more than 14% in 24 hours.
The token also gained nearly 47% over the past week. That rally lifted its market capitalization above $14 billion, placing Hyperliquid among the stronger-performing major altcoin projects during the period.
Its daily chart also shows firm technical momentum. Prices are trading above the 50-day, 100-day, and 200-day moving averages, which signals a strong upward structure. Similarly, momentum indicators show rising buying pressure, with the RSI at 77, indicating overbought conditions.
Related: HYPE Targets $69 as Whales Double Down and Short Sellers Face Mounting Losses
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