Recently, many friends have been talking about Hyperliquid (HYPE). So, who is quietly buying and seeing profits soar behind this coin? Following the on-chain data, we tracked down a heavyweight player — Paradigm.

Paradigm is suspected to be the largest holder of HYPE!

On-chain data shows that Paradigm may hold 19.13 million HYPE, accounting for about 6% of the total circulation, with an average acquisition price of about $16.5. Looking at the current price, this guy has already seen profits exceeding $450 million, making him a master of lying down to win. The acquisition path is very "professional"!

Their operations clearly do not resemble retail investors; they are all at an institutional level:

Phase One: Find market makers to buy in bulk

Paradigm is suspected to have sought out an old friend, Wintermute, to make a significant purchase, assisting in the early accumulation.

Phase Two: Use over-the-counter channels

Continue to buy through over-the-counter trading platforms like FalconX to avoid market volatility and remain more discreet.

On-chain operations are also quite "refined".

Starting in December 2023, Wintermute transferred several million HYPE to a brand new wallet, then subdivided it into 10 smaller wallets, each holding tens of thousands to hundreds of thousands of coins, clearly a seasoned method of "wallet laundering".

Then, at the beginning of 2024, they withdrew tens of millions of HYPE from the Gate wallet and redistributed it to new addresses with no historical transactions, the entire path closely resembles Paradigm's consistent style.

Multiple sources of information cross-verified

Not only on-chain data, but some institutions supporting Hyperliquid have also indirectly mentioned Paradigm's involvement. Coupled with the completely consistent operating model, it can be inferred that Paradigm is very likely the largest financial backer of HYPE!