According to Lookonchain, an address linked to Galaxy Digital, 0xcaC1, has sent 125 million US dollars to Hyperliquid in the past two days. This address then purchased ETH, HYPE, BTC, PUMP, and FARTCOIN on the spot market, while short selling BTC, ETH, DOGE, PUMP, FARTCOIN, and S as a hedging strategy.