Grayscale-Linked Wallets Fuel Hype with Big-Budget Buys

In recent weeks, institutional investors have been actively buying up HYPE tokens. Data from on-chain trackers reveals that two wallets linked to Grayscale acquired at least 510,387 units of the token for an approximate amount of $24.90 million in the last week.

Grayscale's interest in HYPE is not new, as it had previously filed an S-1 registration statement for an ETF of this asset in January. Another address associated with Grayscale accumulated the crypto-asset through various platforms, holding 176,050 HYPE ($9.84 million) before transferring 149,100 units to the Hyperliquid system address.

Other corporate players have also been noticed by cryptocurrency market monitoring firms. A Galaxy Digital wallet acquired 158,100 units of HYPE equivalent to $8.8 million in less than 2 hours.

Meanwhile, exchange-traded funds linked to Hyperliquid captured $53.5 million in their first week on the market. Analysts note that this influx of capital coincides with a period of weakness for equities and Bitcoin, which has contributed to HYPE's price rise of 27% since May 12.