The crypto market remains under pressure, with many digital assets trading lower amid broader market weakness. However, institutional interest has not slowed down. In today’s crypto update, HYPE is attracting attention from Grayscale, one of the largest crypto asset managers. The development highlights growing interest in the token even as the wider market continues to struggle.
Grayscale Expands Beyond Bitcoin and Ethereum
Market analytics firm Arkham Intelligence has revealed that asset manager Grayscale purchased more than $5 million worth of HYPE tokens over the past 48 hours through its HYPG ETF. The buying activity has drawn attention across the crypto market as investors monitor the firm’s growing exposure to the asset.
For context, Grayscale’s Hyperliquid staking ETF, HYPG, began trading on Nasdaq on June 4, 2026, becoming the third U.S. spot HYPE ETF to enter the market. Grayscale described HYPG as a unique product that gives investors direct exposure to HYPE while automatically staking the asset to generate an annual yield. On its first full day of trading, the ETF recorded $4.7 million in net inflows, highlighting strong early investor demand.
Interestingly, Grayscale is one of the largest digital asset investment firms in the industry. The company currently manages around $12.5 billion in Bitcoin and about $500 million in Ethereum across its investment products. However, the aggressive HYPE purchases and the launch of HYPG suggest that the firm sees significant potential in the Hyperliquid ecosystem and is expanding beyond its traditional focus on Bitcoin and Ethereum.
Whales Continue to Accumulate HYPE Despite Market Weakness
The recent buying activity has helped bring additional attention to HYPE. However, Grayscale is not the only investor increasing exposure to the token. Despite the broader market downturn, several crypto whales have continued to accumulate HYPE.
Interestingly, market intelligence platform Lookonchain recently reported transactions involving two whale wallets that have been aggressively buying the asset. According to the platform, a newly created wallet identified as 0x6436 withdrew another 140,960 HYPE worth approximately $9.48 million from exchanges. Over the past three days, the same wallet has withdrawn a total of 902,317 HYPE, valued at roughly $64.9 million.
Lookonchain also revealed activity from another whale wallet, 0xc0f5, which recently withdrew 170,000 HYPE, worth around $10.87 million, from Coinbase. The transactions suggest that some large investors remain confident in HYPE despite ongoing weakness across the broader crypto market.
However, not all major holders are accumulating. Amid the aggressive buying, some investors are taking profits. Among the notable sellers is Arthur Hayes, founder of Maelstrom, who recently sold 247,334 HYPE tokens worth approximately $18.02 million. The mixed activity highlights the current market environment, where some investors are increasing their positions while others are locking in gains after HYPE’s strong performance over recent months.
Investors Watch for More Accumulation
Meanwhile, Arkham noted that the big question now is how much more HYPE Grayscale will buy in the coming week amid its aggressive accumulation pace. Continued purchases could further strengthen institutional exposure to the token and sustain investor interest.
Amid the speculation, HYPE’s price performance remains in focus. Interestingly, data from CoinMarketCap shows that HYPE is currently down more than 8% over the past 24 hours, trading at around $61.26. Its trading volume has also taken a hit, falling more than 14% to approximately $1.59 billion during the same period.
Josiah Oluwadare
