A16z-linked address deposits $30.6M in HYPE to exchanges

An address suspected to belong to a16z has deposited 471,500 HYPE, worth $30.57 million, to exchanges including OKX, Bybit, and Gate.io, EmberCN reported. Such deposits are typically interpreted as a precursor to selling. This activity follows on-chain data from last month that suggested a16z was accumulating HYPE, while signs of selling, including exchange deposits, have emerged since the beginning of this month.