The fundamental principle of cutting leeks:

Acquire a large amount of chips at low prices, then raise the price and exit with profit.
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Accumulation -> Pump -> Exit
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- Grayscale - 682,190 $HYPE (past week) ~ $34.9 million
- Grayscale - 115,733 $HYPE (per hour) ~ $6.65 million
- a16z related address - 2,340,000 $HYPE (since April 14) ~ $102 million
- Goldman Sachs - specific quantity not disclosed
- Anchorage related wallet - 142,308 $HYPE ~ $7.38 million
- Multicoin Capital - continuously swapping ETH into $HYPE since January
- BTC OG Whale Insider - 42,524 $HYPE ~ $2.33 million
- Goldman Sachs sold $152 million worth of XRP, $500 million worth of ETH, and $450 million worth of BTC, and then switched to buying $HYPE
HIP-3’s Pre-IPO perpetual contract for an AI giant. Hyperliquid has elevated from a “DEX” to an “on-chain Nasdaq,” completely rebuilding the valuation logic.
$HYPE is the most clearly laid-out target for institutional funds in this round; multiple “scythes” buy in together to accumulate.