Lookonchain Says a16z-Linked Wallet Sent $28.38 Million of HYPE to Exchanges in Possible Sale

A large wallet believed to be linked to Andreessen Horowitz, or a16z, has moved a sizable amount of Hyperliquid's HYPE token.

On-chain analytics platform Lookonchain wrote on X on July 17 that an a16z-linked whale wallet that had previously accumulated large amounts of HYPE had begun selling.

Over the past two days, the wallet deposited a total of 437,000 HYPE into Hyperliquid, OKX, Bybit and Gate, according to Lookonchain. The tokens were valued at about $28.38 million.

Lookonchain said the exchange deposits pointed to a potential sale. Large exchange transfers by major holders are often viewed as a sign they are preparing to sell.

HYPE has also weakened. The token has already fallen 12% over the past two days, Lookonchain said.

With signs of selling by a large wallet now emerging, the market is watching for further selling pressure in HYPE and increased short-term volatility.