Hyperliquid Strategies buys $45.8M HYPE amid whale activity

Hyperliquid Strategies continued to expand its HYPE treasury, purchasing 494,200 HYPE for $45.8 million over a 16‑hour window. The buy‑back brings the firm’s total monthly purchases to $476 million and its holdings to roughly 35.1 million HYPE, valued at about $3.2 billion.

Buy‑back activity and price context

The latest acquisition occurred near HYPE’s recent all‑time high of $97.99, with the token trading around $91.50 at the time of writing – a 6.6 % pullback from the record. On‑chain data shows Hyperliquid Strategies bought an average of 183,574 HYPE ($15.86 million) per day during the period.

Large‑holder movements

Simultaneously, several major addresses took actions that could affect supply:

• Five large wallets began unstaking a combined 983,600 HYPE, worth roughly $90.44 million. The tokens will become transferable around Oct. 1 after the mandatory seven‑day unstaking period.
• Multicoin Capital transferred 130,331 HYPE ($12.15 million) to Coinbase Prime, adding to its cumulative deposits of about 4.23 million HYPE ($285 million) since late July.

Neither the unstaking nor the Coinbase Prime transfers confirm an imminent sale; they merely place the tokens in positions where they could be moved.

Protocol‑driven demand

Hyperliquid’s protocol directs 97 % of trading fees to continuous HYPE purchases via its Assistance Fund. By May, the fund had spent over $1.3 billion on HYPE and held roughly 28.5 million tokens. Recent on‑chain data recorded a 24‑hour purchase and burn of 32,770 HYPE ($2.65 million) at an average price of $81.01, bringing total burns to about 48.57 million HYPE (≈4.86 % of max supply).

Market snapshot

On the day of the report, HYPE’s 24‑hour trading volume was approximately $1.24 billion, with a market capitalization near $20.5 billion.