Wallets associated with venture capital firm a16z crypto have accumulated over $90 million in HYPE tokens since mid-April, positioning them as the sixth-largest holder of Hyperliquid's native asset. Analysts have linked wallet address 0xb5E4 to a16z, noting it has acquired approximately 2.11 million HYPE tokens, with the latest purchase of 372,000 tokens for $16.9 million occurring on May 18. The total position is valued at $418 million, reflecting an unrealized gain of $79.29 million, with 1.3 million tokens staked long-term. HYPE, the native token of the decentralized exchange Hyperliquid, has seen significant institutional interest, including the launch of Bitwise's BHYP ETF and 21shares' THYP ETF, providing U.S. investors regulated exposure. The platform's open interest reached $10.1 billion earlier this year, highlighting its growing traction in the onchain trading market. While a16z has not confirmed ownership of the wallet, the accumulation suggests a strong institutional endorsement of Hyperliquid's decentralized model.