a16z, Managing $90 Billion, Has Heavily Invested in an Altcoin, According to On-Chain Data
On-chain data shows that a16z, which manages $90 billion in assets, has made a significant investment in an altcoin. Here are the details. According to on-chain analysis data, 12 wallets believed to be linked. . .
On-chain data shows that a16z, which manages $90 billion in assets, has made a significant investment in an altcoin. Here are the details. According to on-chain analysis data, 12 wallets believed to be linked to a16z transferred $24 million worth of USDC to Hyperliquid in the last 20 hours. These wallets reportedly accumulated Hyperliquid’s native token, HYPE, gradually through TWAP orders. TWAP, or Time Weighted Average Price, allows large purchases to be spread over a specific time period without creating a sudden price impact in the market. The shared screenshot shows multiple TWAP transactions for HYPE, each worth approximately $1. 20 million, equivalent to over 27,000 token purchases. According to the data, excluding recent purchases, wallets allegedly associated with a16z have transferred a total of $259 million USDC to Hyperliquid from over 100 different addresses since March. It is reported that 4. 03 million HYPE tokens were purchased and staked with these funds. According to the data, the average cost of these HYPE purchases is approximately $64. Based on current prices, the position is estimated to have approximately $29 million in unrealized profit. *This is not investment advice. Follow ourTelegramandTwitteraccount now for exclusive news, analytics and on-chain data!