Analysis: Of the 3.75 million HYPE tokens sold over the counter last month, approximately 625,000 were linked to Trade.xyz.

BlockBeats news, October 29 - On-chain analyst MLM posted that of the 3.75 million HYPE sold over-the-counter last month, 3.125 million have been staked to the validator wallets of HYPE treasury companies Hyperliquid Strategies (PURR) and Unit, while the remaining 625,000 were transferred to another HyperEVM address and left idle for nearly three weeks, before 1 HYPE was sent to a new address yesterday as a test. That new address received funds via multiple hops that day, and the source funding address has multiple associations with the address used by Trade.xyz to purchase the ticker on Hyperliquid; subsequently, the 625,000 HYPE were transferred to this new address and migrated from HyperEVM to Hypercore.

The analyst noted that the main speculation is that ICE is indeed the buyer of the 3.75 million HYPE, but this has not been confirmed; the 625,000 may have been transferred to Trade.xyz as part of ICE's investment, and the on-chain links strongly point to these tokens belonging to Trade.xyz.