Suspected 12 wallets related to a16z transferred 24 million USDC to Hyperliquid in the past 20 hours

According to monitoring by on-chain analyst Ember, 12 wallets suspected to be associated with a16z have transferred 24 million USDC to Hyperliquid over the past 20 hours and are currently converting it into HYPE via TWAP (Time-Weighted Average Price) purchases.

They are currently the largest HYPE holder and one of the main drivers behind HYPE's continuous rise to new highs in recent months.

Excluding the portion currently being purchased, since March, they have used over a hundred wallets to transfer a total of 259 million USDC to Hyperliquid, purchasing and staking 4.035 million HYPE at an average price of approximately $64. Their unrealized profit currently stands at around $29 million.