A suspected Grayscale-linked wallet has been identified by Arkham Intelligence as accumulating a significant position in HYPE, the native token of the Hyperliquid layer-1 and perpetuals exchange ecosystem. The address 0x61…4318 currently holds 176,050 HYPE, valued at approximately $9.84 million. Over the past week, it also transferred 149,100 HYPE (~$7.49 million) directly to the Hyperliquid System Address, suggesting active participation in staking and governance mechanisms.
Arkham’s on-chain data indicates the accumulation was executed through a disciplined, multi-channel strategy involving institutional OTC desks and exchanges such as Wintermute, FalconX, Flowdesk, and Coinbase. By spreading purchases across these venues, the entity minimized slippage and built its position during a period when HYPE surged above $50, extending its weekly gains to nearly 47%.
The move intensifies institutional focus on the Hyperliquid network, which offers a high-performance decentralized perp trading platform. Reports further suggest that Grayscale is actively advancing a spot ETF filing for Hyperliquid with the U.S. Securities and Exchange Commission, laying the groundwork for regulated mainstream access to the protocol. This accumulation and the ETF pipeline mark one of the most visible capital deployments by a traditional asset manager into a native DeFi layer-1 token, underscoring a broader shift from passive crypto exposure to yield-generating, governance-active investments.
