Grayscale HYPE Buying and Staking Strengthens Hyperliquid ETF Demand

On-chain data points to Grayscale-linked wallets buying and staking HYPE, reinforcing bullish momentum around Hyperliquid as ETF demand rises. Trackers cited in the report say two Grayscale-related wallets acquired 510,387 HYPE (about $24.95M) and staked the tokens over the past week. Separate Arkham data also shows a suspected Grayscale address accumulating HYPE across exchange and OTC venues, including Wintermute, FalconX, Coinbase, and Flowdesk, with holdings of 176,050 HYPE and a transfer of 149,100 HYPE to a Hyperliquid system address. Additional large flows include a Galaxy Digital-linked buyer taking 158,100 HYPE within two hours, a newly created wallet withdrawing 536,247 HYPE from Coinbase, and a whale depositing $19M USDC before buying 76,600 HYPE. An a16z-linked whale also reportedly bought 206,325 HYPE ahead of staking. ETF signals add confirmation: HYPE spot ETF inflows reportedly reached $53.5M in seven days, with Bitwise buying and staking 19.78M HYPE and 21Shares’ Hyperliquid ETF (THYP) seeing a sharp volume jump post-launch. Price-wise, HYPE traded around $57, briefly pushing above $50 and nearing the prior high near $59.3. Traders are watching whether a daily close above the prior high triggers “price discovery,” or if momentum fades after ETF strength—particularly if staking and inflows reduce liquid supply but supply/demand expectations get “priced in.”