a16z-Linked Whale Rotates $5.18M HYPE Into 485 ETH

A large a16z-linked wallet, previously known for building a significant position in Hyperliquid, has begun repositioning its portfolio, reducing exposure to HYPE while increasing holdings in Ethereum.

Over the past 6 hours, the wallet transferred 77,402 HYPE (worth roughly $5.18M) into exchanges, signaling distribution activity, while simultaneously withdrawing 485 ETH (about $782K) from exchanges, indicating accumulation of Ethereum.

Source: Lookonchain