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Someone is quietly accumulating through OTC, and this level of activity is not typical of retail investors.
On-chain data shows that one address purchased approximately 590k HYPE tokens through Galaxy Digital's OTC channels, amounting to nearly $26 million.
More importantly, further tracking reveals—
A group of addresses, suspected to be controlled by the same entity, hold a total of over 4.11 million HYPE tokens, valued at up to $180 million, all acquired through OTC channels.
The signals behind this are very clear:
It's not market buying, but "targeted accumulation."
The significance of OTC trading is that it doesn't impact the market price, while allowing large amounts of tokens to be acquired in one go. This is typically only seen during institutional-level accumulation phases.
In other words, funds are locking in a large number of tokens in advance without alerting the market.
Once this accumulation is complete, the market will then start to see genuine volatility.
(What you see is the transaction, but I see a carefully planned strategic layout.)