a16z may be largest external holder of HYPE with $79.29M in unrealized profit

Venture capital firm Andreessen Horowitz (a16z) may be the largest external holder of Hyperliquid (HYPE), according to on-chain analyst ai_9684xtpa. An address believed to belong to a16z currently holds 9.18 million HYPE, valued at $356 million. The wallet has added 206,000 HYPE ($9.95 million) over the past 11 hours and has purchased a total of 2.35 million HYPE ($102 million) since April 16. With an estimated average purchase price of $38.77, a16z's unrealized profit on its HYPE holdings stands at $79.29 million. The analyst noted that the top five HYPE-holding addresses are all linked to Hyperliquid's own ecosystem supply, suggesting a16z is the largest institutional holder outside the project itself.