a16z-Linked Wallet Buys Another $16.91 Million of Hyperliquid, Bringing Total Accumulation to $90.87 Million

A wallet believed to be linked to venture capital firm Andreessen Horowitz, or a16z, has bought more Hyperliquid's HYPE token, taking its cumulative purchases since April 14 above $90 million.

Crypto media outlet Odaily reported on May 18, citing on-chain analytics platform Lookonchain, that wallet address "0xb5E4," which is seen in the market as linked to a16z, bought another 372,000 HYPE over the past three hours. The purchase was worth about $16.91 million.

The wallet has accumulated a total of 2.11 million HYPE since April 14, according to the data. The cumulative value of those purchases stands at about $90.87 million.

The market views continued accumulation by institutions and large investors as a sign of optimism about the Hyperliquid ecosystem. Hyperliquid is a decentralized finance, or DeFi, derivatives trading platform built around its own Layer 1 infrastructure and an on-chain order book.

It has not been officially confirmed, however, whether the wallet is directly managed by a16z. Industry participants have pointed to past trading patterns and fund flows as grounds for a possible connection to the firm.