Of the 3.75M HYPE sold OTC last month, 3.125M HYPE was staked on one wallet with the Hyperliquid Strategies x Unit validator. The remaining 625K HYPE was sent to another wallet on HyperEVM, where it stayed inactive for almost three weeks before sending 1 HYPE to a new wallet yesterday. That new wallet was funded the same day, through a few hops, by a wallet with multiple links to wallets used by TradeXYZ to buy tickers on Hyperliquid. The 625K HYPE has now been transferred to the new wallet, moved from HyperEVM to Hypercore. Not 100% sure what this means or why the HYPE was split, but my main theory is that ICE was indeed the buyer of the 3.75M HYPE, which remains unconfirmed, and that the 625K HYPE may have been transferred to TradeXYZ as part of ICE’s investment. The onchain link strongly suggests that the 625K HYPE belongs to TradeXYZ.

A screenshot Garret Bullish just shared on Twitter shows him withdrawing 68.08K ZEC from Binance on December 24 last year, worth $29.7M at the time. The same wallet withdrew another 134K ZEC, worth $58.6M, minutes earlier. t1dHheg2SkTGBMK1VsCPwsqJ3Gccsnen7rf He then shielded all 202.08K ZEC, but unshielded it minutes later and still holds the entire amount. t1gGCYpyURMo2FcYDSqeR8pgp2Kx9rnT72V At $1,580 per ZEC, those holdings are now worth $320M, up from $88.3M at the time. So his 38K ZEC ($60M) short on Hyperliquid, currently showing an unrealized loss of $34.5M, can be seen as a partial hedge against his spot holdings. 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9

Cerebras ($CBRS) can be traded on Hyperliquid as Pre-IPO Perpetual (IPOP) where it's currently trading around $300/share, implying a mid-$80B valuation. On Friday, Bloomberg reported that Cerebras is seeking to raise up to $4B in its IPO at roughly a $40B valuation. Traders on Hyperliquid are pricing it at 2x what bankers are reportedly targeting. Is this about to become one of the most successful IPOs of 2026?