Hyperliquid Strategies has bought another 494,200 HYPE worth $45.8 million as the company continues to build its treasury while large holders move millions of dollars worth of the token toward potential sale. Summary Hyperliquid Strategies bought another 494,200 HYPE worth $45.8 million, taking its purchases over the past month to $476 million. Five large addresses began unstaking nearly $90.4 million in HYPE, while Multicoin Capital moved another $12.15 million to Coinbase Prime. HYPE has fallen roughly 6.6% from its $97.99 all time high as large holder movements put potential supply in focus. Hyperliquid buybacks remain a source of demand, with 97% of protocol trading fees directed toward continuous HYPE purchases. Lookonchain reported on Sept. 25 that wallet 0x6436, which it linked to Hyperliquid Strategies, made the latest purchases over a 16 hour period. The address has now accumulated 5.51 million HYPE worth roughly $476 million over the past month. Purchases during the period averaged 183,574 HYPE, or $15.86 million, per day. Hyperliquid Strategies currently holds around 35.1 million HYPE valued at approximately $3.2 billion. The latest purchases come less than a month after the Nasdaq listed company reported a much smaller treasury. As crypto.news previously reported, Hyperliquid Strategies held approximately 29.3 million HYPE worth $1.9 billion as of June 30 after raising $647 million in equity capital. At the time, the company said it had spent $773.4 million buying approximately 16.5 million HYPE since December. Its latest holdings indicate that the treasury has continued to grow since the end of its fiscal year. Hyperliquid Strategies keeps buying HYPE The latest accumulation has taken place near some of the highest prices HYPE has recorded since its launch. Separate monitoring from onchain analyst EmberCN showed that Hyperliquid Strategies acquired 1.444 million HYPE worth $135 million over the week ending Sept. 24. The tokens were purchased at an average price of approximately $93.70. HYPE reached a record $97.99 on Sept. 23 before pulling back. The token traded near $91.50 at the time of writing on Sept. 25, leaving it roughly 6.6% below its record. Trading activity remained high during the pullback. CoinGecko data showed around $1.24 billion in HYPE trading volume on Sept. 25, while its market capitalization stood near $20.5 billion. The rally into the record followed a series of developments around Hyperliquid. HYPE reached a previous record of $92.56 on Sept. 18 after the platform introduced manual borrowing of USDC and USDT against HYPE and Bitcoin collateral. Users can supply HYPE or Bitcoin and borrow stablecoins through the system. HYPE carries a 65% loan to value ratio, while Bitcoin has a 50% ratio. Large HYPE holders have moved tokens toward potential sale Buying from Hyperliquid Strategies has arrived alongside a series of transactions from other large HYPE holders that have put potential supply in focus. Multicoin Capital transferred another 130,331 HYPE worth $12.15 million to Coinbase Prime on Sept. 24 after a one week pause, according to Lookonchain. The latest transaction brought Multicoin’s transfers to Coinbase Prime since July 28 to approximately 4.23 million HYPE worth $285 million. A transfer to Coinbase Prime does not confirm that the assets were sold. The institutional platform provides custody and execution services, meaning the available onchain data does not show what happened to the tokens after they arrived. The transfers have nevertheless occurred as HYPE has traded close to record levels. Multicoin’s latest deposit came one day after the token reached $97.99, with HYPE subsequently falling below $92 during trading on Sept. 25. Multicoin had substantial exposure to HYPE earlier this year. Three wallets associated with the investment firm had staked approximately 1.96 million HYPE on HyperCore in May, while their combined holdings stood near 2.83 million tokens at the time. Similar movements involving other large holders have appeared before. In July, a whale moved previously unstaked HYPE to FalconX and Coinbase Prime as the token fell below $55. Nearly $90 million in HYPE is being unstaked Another batch of HYPE could become available to move at the start of October. Five large addresses began unstaking a combined 983,600 HYPE worth approximately $90.44 million on Sept. 24, according to TradingBeats data cited by Lookonchain. The largest address started unstaking 391,800 HYPE worth nearly $36 million. Another removed 209,600 HYPE worth $19.24 million from staking, while three other addresses initiated withdrawals totaling roughly 382,200 HYPE. None of the transactions means the tokens have been sold. Hyperliquid requires users to wait seven days after initiating the native unstaking process before HYPE can move from staking balances into spot balances. The tokens involved in the latest transactions therefore cannot currently be sold, transferred or restaked and are expected to become available around Oct. 1. A similar situation developed in late August when a wallet attributed to HyperLabs requested the unstaking of approximately 433,000 HYPE worth $36.14 million. Previous HyperLabs withdrawals had been routed through Flowdesk, though the transaction itself did not establish whether the tokens would eventually be sold. Large unlocks have not consistently resulted in equivalent exchange inflows either. Hyperliquid released approximately 9.92 million HYPE worth around $820 million on Sept. 6, but historical data from an earlier unlock showed that only about 1.75% of released tokens reached exchanges during the following 30 days. Why is HYPE price pulling back from its all time high? HYPE has lost ground since reaching an all time high of $97.99 earlier this week, with the token trading near $91.50 on Sept. 25. The move has left HYPE roughly 6.6% below its record level after sellers repeatedly emerged near $98. Historical market data showed HYPE closing around $97.19 on Sept. 22 before falling to $93.98 on Sept. 23 and $92.08 on Sept. 24. The token continued to trade lower on Sept. 25 as several large holders moved or prepared to unlock substantial amounts of HYPE. Multicoin Capital transferred 130,331 HYPE worth $12.15 million to Coinbase Prime on Sept. 24, while five other addresses began unstaking a combined 983,600 HYPE worth approximately $90.44 million. The unstaking process takes seven days, meaning those tokens are expected to become transferable around Oct. 1. Neither development confirms that the HYPE will be sold. Coinbase Prime provides custody and execution services, while unstaking only makes tokens available for transfer once the waiting period ends. Still, the transactions have placed nearly $103 million worth of HYPE in positions where the tokens could potentially become available for sale. Buying has continued on the other side of the market. Hyperliquid Strategies accumulated another 494,200 HYPE worth $45.8 million over 16 hours and has purchased 5.51 million tokens worth $476 million during the past month, according to Lookonchain. Can HYPE buybacks offset potential selling pressure? Protocol purchases provide another source of HYPE demand while large holders move or unstake tokens. Hyperliquid directs 97% of protocol trading fees toward continuous HYPE purchases through its Assistance Fund. By May, the fund had spent more than $1.3 billion acquiring HYPE and held roughly 28.5 million tokens. The mechanism remained active in September, with OnchainLens data cited by Lookonchain showing that 32,770 HYPE worth approximately $2.65 million was bought and burned during a 24 hour period ending Sept. 12 at an average price of $81.01. Cumulative burns had reached roughly 48.57 million HYPE at the time, equivalent to around 4.86% of the token’s maximum supply.
