Grayscale-Linked Wallets Bought and Staked $24.95 Million of Hyperliquid
Summary
- Grayscale-linked wallets recently bought and staked about $24.95 million worth of Hyperliquid (HYPE).
- Lookonchain said Grayscale had already filed an S-1 registration statement in January for the launch of a spot HYPE exchange-traded fund (ETF).
- Hyperliquid has recently extended gains on expectations of institutional inflows and previously regained the $50 level for the first time in about eight months, according to an earlier analysis.
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Wallets linked to asset manager Grayscale recently made large purchases of Hyperliquid's HYPE token, according to on-chain data.
Lookonchain said on May 20 that two Grayscale-linked wallets bought and staked a combined 510,387 HYPE over the past week. The holdings were worth about $24.95 million.
Lookonchain added that Grayscale had already filed an S-1 registration statement in January for a spot HYPE exchange-traded fund.
Hyperliquid has recently extended its rally on expectations of institutional inflows. Santiment previously said the token regained the $50 level for the first time in about eight months, driven by expectations for spot ETF launches from Bitwise and 21Shares and a short squeeze.
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