The large hyperliquid:native seller still controls more than 200K hyperliquid:native ($12M) and many people are claiming that the entity is a16z. But is that actually true? Several posts have recently claimed that a16z is selling its HYPE and causing the price to dump. Here is what we found. Those posts are referring to the same Anchorage-related entity that has been selling HYPE over the last two days. The entity appears to have multiple connections to both the a16z HYPE cluster and Anchorage, but that is likely because Anchorage uses this address, among other things, to receive and distribute HYPE from its customers. The most likely explanation is that this entity is not a16z. It is simply another customer using Anchorage to sell its HYPE. This particular entity follows a very specific pattern. Between June 3 and June 5, it withdrew all of its HYPE from into fresh wallets. The tokens then remained untouched until they were sent back to Anchorage to be sold. As of now, the entity still appears to control more than 175K HYPE ($10.5M), across its own wallets. The attribution is not fully confirmed, but all four wallets follow the exact same pattern described above. At the same time, Anchorage is currently selling another 50K HYPE. Wallets still holding HYPE: 0x1ff522a0ccf81644440044d3f6a7a0bd8abf7efb: 48K HYPE 0x5d1bb82dd40a0462292e7f0487e0cb5e124dc31b: 68K HYPE 0x85dd8b47ece3764e9e9bfb73d1dbecd4a9eb919e: 36K HYPE 0x3d1ad1d41bbe30b1dd76b63e3548d9cb63092e08: 24K HYPE Wallet currently selling HYPE: 0xc745044ae202B60d3eF5EE89A5f6738011651464: 50K HYPE TLDR: the available onchain evidence does not support the claim that a16z is the entity selling. The seller is more likely an unknown Anchorage customer that still has more than 200K HYPE left to distribute.