Key Highlights
- Wallets linked to Andreessen Horowitz transferred nearly $24 million USDC to Hyperliquid over the past 20 hours.
- The funds were moved through multiple transactions averaging around $2 million each using Circle’s CCTP infrastructure.
- On-chain analysts say the wallets are using a TWAP strategy to accumulate HYPE while minimizing market impact.
Multiple wallets linked to venture capital Andreessen Horowitz (a16z) have transferred approximately $24 million in USDC to the Hyperliquid decentralized perpetuals exchange over the past 20 hours.
On-chain data provided by @EmberCN shows that at least 12 distinct addresses executed large transfers, predominantly in increments of roughly $2 million each, directly into Hyperliquid’s ecosystem via Circle’s CCTP (Cross-Chain Transfer Protocol) extension.
The transactions, visible on blockchain explorers, show consistent patterns. Wallets such as 0x1e7b0f4b37f63eFa59605a830dDd31c430BDB6f8, 0x3da0CdB158f450ebD7d659926dc5766DD7b13d0b, and others executed transfers between 8 and 20 hours ago.
Each transfer averaged nearly 2 million USDC, with exact figures ranging from 1.978M to 2.013M USDC, pushing the cumulative total near the reported $24 million mark. The transfers come as Hyperliquid’s native token HYPE continues trading near an all-time high.
Why the wallets used TWAP strategy
According to on-chain tracking, these “pseudo-a16z” wallets, widely believed to represent the firm or closely affiliated entities, are using a Time-Weighted Average Price (TWAP) strategy to accumulate HYPE tokens.
By spreading purchases over time rather than executing large market orders, the wallets minimize slippage and market impact while steadily building their position. This methodical approach highlights the professional risk management typical of top-tier institutional players entering decentralized finance (DeFi) markets.
Beyond the latest $24 million transfer, the scale of a16z-linked activity on Hyperliquid is substantial. Since March, more than 100 associated wallets have transferred nearly $259 million USDC into the platform.
According to the data, those funds have been used to acquire and stake about 4.035 million HYPE tokens at an average purchase price of around $64 per token. Based on current prices, the position represents an unrealized profit of roughly $29 million.
Hype remains near record highs
Hyperliquid’s native token HYPE is currently trading around $68.35, following a sharp pullback from its all-time high of approximately $76.85 reached mid-June, according to CoinMarketCap. The token is 5.41% down in the last 24 hours amid profit-taking but remains strongly bullish on higher timeframes: up 21.57% over the past week and over 44.15% in the last month. Year-to-date gains exceed 2051%.
In the past 24 hours, the token traded near the all-time high with a $76.15 trading price. Institutional accumulation, notably from a16z-linked wallets holding millions of tokens with significant unrealized profits, continues to provide strong support. Token burns and high open interest further tighten supply.
Institutional activity draws attention
The latest transfers come against a backdrop of renewed institutional interest in decentralized infrastructure. As regulatory clarity improves in certain jurisdictions and on-chain transparency tools mature, major funds are increasingly comfortable deploying capital directly into DeFi protocols rather than relying solely on traditional custodians or centralized exchanges.
Market observers are closely watching how these large positions might influence HYPE’s price action in the coming days and weeks. Whether this represents the continuation of a larger accumulation phase or a tactical deployment remains to be seen.
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