Institutional activity targeting the Hyperliquid ecosystem in the cryptocurrency market continues to attract attention. Most recently, a large-scale transaction in HYPE tokens by Paradigm, a leading investment firm, stood out.
According to on-chain data, Paradigm has unlocked approximately 2.14 million HYPE tokens. This amount has a current market value of approximately $88 million. While this transaction does not represent a direct sale, investors are closely watching the possibility that the unstacked assets may be released into the market.
On the other hand, another notable development on the Hyperliquid side in recent months has been the wallet activity associated with Multicoin Capital. Previous on-chain analyses suggested that Multicoin may have sold a significant amount of Ethereum (ETH) and shifted its holdings towards the HYPE token. According to the data, the relevant wallet clusters and known Multicoin addresses made approximately $240 million worth of HYPE purchases through Galaxy Digital, while sending approximately $230 million worth of ETH to Galaxy.
*This is not investment advice.
