a16z's whale is playing TWAP quite smoothly, placing orders in the morning to buy in batches over 24 hours, stacking $460 million worth of spot assets on HyperLiquid. What are they betting on?

CryptoWorld news: “HYPE Spot Main” has continued to buy 687,000 HYPE over the past four days, accumulating nearly $460 million worth of spot holdings this year. Today, the whale added TWAP (time-sliced order) buy orders through five addresses, planning to purchase 136,000 HYPE worth approximately $9.65 million. Monitoring shows that it creates orders around every morning and plans to buy in batches over the following 24 hours. The whale can list as many as a dozen related addresses, and all of its fund sources point to addresses suspected to be associated with HYPE’s largest external entity, a16z. Since 2026, its related addresses have accumulated 6,617,000 HYPE in total (worth about $463 million at current prices). Currently, all of the aforementioned spot holdings have been transferred and consolidated onto the HyperLiquid platform.