a16z associated addresses have accumulated over $90 million USD in HYPE within the past month, with the latest purchase 3 hours ago adding $16.91 million USD.

If the technical cup-and-handle pattern breaks through $45-$47, the target is $71-$72, about 55% above the current price.
But more worth scrutinizing is the structural narrative behind the funds: the launch of the HYPE ETF, Coinbase and Circle providing USDC infrastructure, the potential regulatory benefits of the CLARITY Act—institutions are viewing Hyperliquid as the core platform for on-chain derivatives compliance.
On-chain data shows this round of buying is not retail FOMO, but top-tier venture capital firms represented by a16z betting on the "perpetual contracts on-chain" track.
Hyperliquid’s daily trading volume has approached that of second-tier centralized exchanges, and as market maker depth improves, institutional funds are beginning to see it as an alternative channel to hedge CEX risks.
Downside risk: HYPE’s current circulating market cap is about $13 billion USD; failure to break through could form a double top.
The legislative process of the CLARITY Act is uncertain, and Hyperliquid’s on-chain governance remains highly centralized—if the team makes a wrong decision, institutional funds could withdraw faster than they buy in.
$hype #usdc #FOMO #cex #Stablecoins