According to monitoring by on-chain analyst Ember, investors/institutions that received an investment allocation of 1 million SOL sold 733,000 HYPEs worth $26.31 million in the past four hours, and then transferred USDC back to Solana across the chain and bought 142,000 SOLs.

At the end of last year, the firm sold 375,000 SOL (worth $70 million) and bought 2.52 million HYPE at an average price of $27.7. Since yesterday, the firm has started selling HYPE and buying back SOL. To date, the firm has sold a total of 1.142 million HYPE (worth $42 million) at an average price of $36.7 and repurchased 223,000 SOL at an average price of $187.6.

The institution currently holds 1.216 million SOL (worth $224 million) and 1.42 million HYPE (worth $50.5 million).