The latest accumulation, tracked by Lookonchain, brings the firm’s total acquisitions over the past month to 5.51 million HYPE, worth approximately $476 million. Hyperliquid Strategies now controls roughly 35.1 million tokens, a valuation nearing $3.2 billion. This buying streak coincides with a cooling period for the asset, which has retreated 6.6% from its all-time high of $97.99 reached on September 23.
While the protocol maintains demand through a buyback mechanism—allocating 97% of trading fees to HYPE purchases—market participants are monitoring significant outflow activity. Multicoin Capital transferred 130,331 HYPE, worth $12.15 million, to Coinbase Prime on September 24. Simultaneously, five large addresses initiated the unstaking process for 983,600 HYPE, valued at roughly $90.44 million. Because the protocol enforces a seven-day waiting period for unstaking, these tokens will not be transferable until approximately October 1.
Although these movements to institutional custodians or unstaking pools do not confirm immediate sell-offs, they represent over $100 million in potential supply shifting into liquid positions. The market remains caught between this institutional accumulation and the cautious repositioning of long-term holders as the token navigates price discovery following its recent rally.
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