Grayscale-Linked Wallets Bought and Staked $24.95 Million of Hyperliquid’s HYPE

Wallets linked to asset manager Grayscale recently appear to have made large purchases of Hyperliquid’s HYPE token.

On-chain analytics platform Lookonchain said May 20 that two Grayscale-linked wallets bought and staked a combined 510,387 HYPE over the past week. The holdings were worth about $24.95 million.

Lookonchain added that Grayscale had already filed an S-1 registration statement in January for a spot HYPE exchange-traded fund.

Hyperliquid has recently extended its rally amid expectations for institutional inflows. Santiment previously said the token regained the $50 level for the first time in about eight months, helped by expectations for spot ETF launches from Bitwise and 21Shares and a short squeeze.