Bitwise Buys 162,367 More HYPE, Expanding Holdings
Summary
- Bitwise bought an additional 162,367 HYPE over the past two hours, worth about $10.11 million.
- As of May 21, Bitwise held 723,361 HYPE, and those holdings were worth about $40.37 million at the time.
- The market interprets the latest purchase as a sign of institutional investment demand for HYPE and selective capital inflows into altcoins.
Forecast Trend Report by Period
Bitwise has bought more Hyperliquid token HYPE, adding to its holdings. The purchase comes as sentiment across the broader altcoin market remains weak, but institutional buying of HYPE appears to be continuing.
On-chain analytics account Lookonchain wrote on X on May 26 that Bitwise bought an additional 162,367 HYPE over the past two hours. The purchase was worth about $10.11 million.
Citing Bitwise's official website, Lookonchain said the asset manager held 723,361 HYPE as of May 21. Those holdings were valued at about $40.37 million at the time.
HYPE is the native token of decentralized derivatives exchange Hyperliquid. Market participants have recently cited Hyperliquid's trading volume, fee revenue and token buyback-and-burn structure as factors supporting demand for HYPE.
The latest purchase is being interpreted as a sign of institutional demand for HYPE. Selective inflows are still reaching some altcoins even as appetite for risk assets has weakened amid spot-Bitcoin ETF outflows and geopolitical risks in the Middle East.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
