Hyperliquid Strategies (@HypeStrat) started buying $HYPE again a few hours ago. With its mNAV above 1.10 for the past few days and very high trading volume in PURR, it has likely been issuing shares through its ATM, increasing its cash reserves and giving it more firepower to buy millions of dollars worth of HYPE. It is following a similar pattern to a few months ago: TWAPing into HYPE through Anchorage in batches of roughly $10M. There is one caveat: when large public TWAPs like this appear, big sellers often show up as well to use the new liquidity as exit liquidity. And that appears to be happening again. An entity holding more than 680k HYPE ($55M) started selling almost at the same time HSI started buying. It is currently selling slowly at an estimated pace of around 75k HYPE ($6M) per day. This same entity was previously covered by mlm (@mlmabc) after buying HYPE in November 2025 through a series of very unusual onchain movements.