Twelve wallets suspected of being linked to a16z transferred $24 million in USDC to Hyperliquid over the past 20 hours and have been buying HYPE using TWAP (time-weighted average price), on-chain analyst EmberCN said. Excluding the current round of purchases, wallets tied to the same buying pattern have moved $259 million USDC to Hyperliquid since March through more than 100 wallets. Those funds were used to buy and stake 4.035 million HYPE at an average price of about $64, leaving unrealized profit of about $29 million. The activity points to sustained, large-scale accumulation on Hyperliquid, where TWAP orders can be used to spread trades over time and limit market impact.