A group of 12 wallets deposited 36 million USDC into Hyperliquid in one day, using $24 million to purchase HYPE. EmberCN estimated the cluster held and staked 4.679 million HYPE valued at $381 million. The wallets are suspected to be linked to a16z, but ownership remains unconfirmed. $12 million in USDC remains unconverted.

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