A whale or institution accumulated 396,811 HYPE tokens worth approximately $29.29 million over the past three days through multiple centralized exchanges and staked the entire position six hours ago, according to on-chain analyst Ember. The accumulation comes as Hyperliquid's native token HYPE retraced 26% from its monthly high of $96 down to $71. The full stake signals conviction in the project despite the recent pullback.