A wallet linked to venture capital firm Andreessen Horowitz (a16z) has transferred 437,000 HYPE tokens, worth approximately $28.4 million, to major exchanges over the past two days. The movement, spotted by on-chain analyst Lookonchain, involved deposits into Hyperliquid, OKX, Bybit, and Gate, immediately triggering speculation of a looming sell-off.
Shortly after the deposits, a separate wallet also suspected to be tied to a16z moved an additional $30.57 million in HYPE, bringing the total 24-hour exchange inflow from the two addresses to nearly $59 million. On-chain data further revealed a direct sale of 105,400 HYPE (about $6.48 million) at an average price of $61.49, confirming that at least a portion of the transferred tokens was liquidated.
The token, which had already declined roughly 12% in the preceding days, extended losses sharply. HYPE fell over 11% in a single day, sliding from recent highs near $69 toward the $60 area, and briefly testing support around $54. The sell-off erased the token’s position among the top 10 crypto assets by market cap, just weeks after it hit an all-time high of $76.87 on June 16, 2026.
Market data showed that the plunge triggered a cascade of liquidations. Approximately $19 million in HYPE long positions were forcibly closed in 24 hours, with the broader crypto market seeing nearly $400 million in total liquidations across more than 100,000 traders. Analysts are now watching the $50–$51 support zone closely, as a breakdown below that level could accelerate a decline toward $40.
