a16z-linked entity reportedly withdrew 88,350 HYPE worth $6.4 million from exchanges
On-chain analyst Ember said address 0xeef...00C has withdrawn and staked 1.314 million HYPE worth $91.67 million since June 1, extending a pattern of exchange outflows into staking.
Address 0xeef...00C withdrew another 136,500 HYPE worth $10 million from OKX and other exchanges and deposited the tokens into staking, according to PANews, which cited on-chain analyst Ember. Ember said the address has continuously withdrawn and staked HYPE from multiple centralized exchanges since June 1, reaching a cumulative 1.314 million HYPE worth $91.67 million at an average withdrawal price of $69.7. The new figures add to earlier reporting that highlighted large HYPE withdrawals from exchanges and movement into staking-related wallets, a pattern that can reduce the supply immediately available for trading.
- staking: Locking crypto tokens to support a network or strategy in exchange for rewards, instead of keeping them available for trading.
- on-chain: Activity visible through blockchain transaction records.