An old brother who specializes in tracking Hyperliquid stated that Paradigm is currently holding a large amount of $HYPE tokens, with an average entry cost of $16.5, and has currently made a profit of $450 million.

He tracked the construction path of this wave:

· Early on, helped by Wintermute as a market maker to buy up.

· Afterwards, bought OTC on the exchange via FalconX.

In December last year, Wintermute transferred 4.18 million HYPE tokens to a new wallet, which were then sent to 10 new wallets, with individual holdings ranging from 150,000 to 840,000 tokens.

From February to April this year, there were 1.56 million, 10.79 million, and 2.61 million HYPE tokens withdrawn from Gate, and dispersed to several new wallets with no historical activity.

He believes that among the top institutions publicly declaring their holdings of HYPE tokens, only Paradigm has such a habit of on-chain large amounts + laundering wallet operations, while another entity supporting Hyperliquid, MicroStrategy, also clearly mentioned the connection to Paradigm.

Currently, this old brother has tracked down 19.13 million HYPE tokens, accounting for about 6% of the actual circulating HYPE. If true, Paradigm would become the largest investor in HYPE.