A wallet cluster suspected of links to Andreessen Horowitz, or a16z, spent 36 million USDC over two days buying 441,000 HYPE at an average near $81.60 and deposited the entire lot into staking, on-chain analyst EmberCN reported on Aug. 28. The addresses then transferred another 12 million USDC to Hyperliquid intended for further HYPE purchases, lifting staked holdings to 4.826 million tokens worth about $404 million at an overall average cost near $66.10 and unrealized gains of roughly $84.9 million. The activity extends multi-day TWAP accumulation tracked through Aug. 27, when three-day buys reached about 422,000 HYPE for roughly $34.38 million and cumulative purchases since May stood near 4.66 million tokens. a16z ownership of the wallets remains unconfirmed.