Recently, a senior observer in the Crypto Assets community has attracted widespread attention. This analyst has conducted an in-depth tracking of the on-chain activities of the Hyperliquid Token $HYPE, revealing a significant discovery that could change the market landscape.

According to the analyst's observations, a well-known investment institution seems to be quietly accumulating a large amount of HYPE Tokens. This institution's average purchase price is about $16.5, and the current unrealized profit has reached an astonishing $450 million.

The trajectory of this series of operations is quite complex. Initially, the institution seemed to quietly collect Tokens in the market with the help of market makers like Wintermute. Subsequently, it further increased its holdings through over-the-counter trading on platforms like FalconX.

In December last year, there were signs that Wintermute transferred 4.18 million HYPE to a new wallet address, which was then distributed to 10 different new wallets, each holding between 150,000 and 840,000 coins. From February to April this year, there were several large transfers withdrawn from the Gate exchange, totaling approximately 14.96 million HYPE, which were also dispersed to multiple brand new wallet addresses.

Analysts point out that among the top institutions publicly announcing their holdings of HYPE, only Paradigm has the capability for such large-scale on-chain capital movement and has a habit of diversifying funds into multiple new wallets. Another institution supporting Hyperliquid has also explicitly mentioned its connection with Paradigm.

According to this analyst's tracking, the number of confirmed HYPE tokens has reached 19.13 million, accounting for about 6% of the actual circulating supply of HYPE. If this analysis is accurate, Paradigm is likely to have become the largest investor in HYPE tokens.

This discovery has sparked widespread discussion in the Crypto Assets community. Investors are closely following the potential impact that this large-scale investment behavior may have on the future value of HYPE Tokens and the entire Crypto Assets market. However, in the absence of official confirmation, market participants should remain cautious about this information and closely monitor subsequent developments.