A wallet cluster identified by on-chain analysts as being linked to a16z continued moving Hyperliquid's HYPE token to trading venues, with Lookonchain saying two suspected wallets sold 421,800 HYPE worth about $25.3 million over the past 24 hours. The reported sales followed broader transfers of 437,000 HYPE worth about $28.38 million over two days to Hyperliquid, OKX, Bybit and Gate, extending earlier activity this month that included 77,402 HYPE sent to OKX and Bybit and later deposits implying about $10.19 million in sales over two days. Hyperinsight separately said a suspected a16z-linked execution address sold 105,400 HYPE on July 17 for about $6.48 million at an average price of $61.49 across roughly 11,400 trades, though it said it could not confirm that all exchange-directed tokens were ultimately sold. Wallets tied by labeling services to a16z had reportedly built a stake of roughly 3.9 million HYPE worth about $192.6 million earlier in 2026, but the firm has not publicly confirmed ownership.