Whale off the old block: a16z-linked address dumps $5.18M HYPE, retail shrugs 🐳

A wallet linked to Andreessen Horowitz (a16z) deposited 77,402 HYPE, valued at $5.18 million, into OKX and Bybit, according to Lookonchain, and shortly after bought $782,000 worth of ETH. Hyperliquid [HYPE] traded around $65 at press time, up 4.58% on the daily charts and roughly 15% below its $76 high recorded a week ago. The token held above $60 before rebounding to a local high of $67, with daily volume climbing 88%.

Lookonchain reported the address had previously accumulated HYPE aggressively and now appears to be rotating into other assets, including ETH, which continues to trade well below its peak price. Despite the profit-taking, exchange data shows buyers still dominate HYPE: Spot Netflow has stayed negative over the past week, dropping 155% to -$32.8 million, a pattern consistent with sustained accumulation.

Retail traders have driven much of the activity. According to Spot Retail Activity metrics, the Spot Market logged "Too Many Retail" orders for five of the past seven days, with "Few Retail" orders recorded on the most recent two days. Over the same period, HYPE's ADX has risen alongside the +DI, leaving upside momentum with the technical advantage.

If the current momentum holds, Hyperliquid could retest the $70 level. A drop in retail participation would complicate that move, keeping $70 as resistance and potentially pulling HYPE back toward $60.