Addresses linked to a16z deposit $24M USDC to buy HYPE

Twelve addresses believed to be associated with venture capital firm Andreessen Horowitz (a16z) have deposited 24 million USDC into Hyperliquid over the past 20 hours to purchase HYPE, according to on-chain analyst EmberCN. The analyst noted that the wallets appear to be using Time-Weighted Average Price (TWAP) orders for the purchases. EmberCN added that a16z is the largest institutional holder of HYPE and one of the key entities behind the token's rally to new all-time highs in recent months. Excluding this latest activity, a16z has deposited a total of 259 million USDC into Hyperliquid via more than 100 wallets since March. These funds were used to buy and stake 4.035 million HYPE at an average price of $64, yielding an unrealized profit of approximately $29 million.