a16z-linked address deposits $25.3M in HYPE to exchanges

An address estimated to be linked to a16z deposited 421,796 HYPE, worth about $25.3 million, to exchanges including OKX and Bybit, according to Lookonchain. Exchange deposits are typically interpreted as being intended for selling. Another address also estimated to be tied to a16z deposited 471,500 HYPE to multiple exchanges yesterday. HYPE was trading at $58.79, down 0.77%, according to CoinMarketCap.