Key Notes
- Paradigm is reportedly the top HYPE holder with over 19.14 million tokens worth $763M.
- On-chain data links their wallets to early Wintermute and FalconX acquisitions.
- Paradigm’s estimated entry price is $16.46, implying $440M in unrealized gains.
Paradigm, a major crypto investment firm, is reportedly the largest holder of HYPE HYPE $38.34 24h volatility: 3.1% Market cap: $10.37 B Vol. 24h: $648.85 M , the native of DEX Hyperliquid, with over 19.14 million tokens, a position worth roughly $763 million at current prices.
Looks like my previous theory about Paradigm holding 19M+ HYPE was right. This makes it almost a billion-dollar bet and places them as the top holder of HYPE. They currently hold 1.91% of the total supply and 5.73% of the circulating supply
I originally estimated they held…
— MLM (@mlmabc) November 7, 2025
Paradigm’s Massive Bet on HYPE
According to on-chain analytics provider MLM, Paradigm’s holdings represent 1.91% of HYPE’s total supply and 5.73% of its circulating supply, officially making them the top holder.
The firm reportedly consolidated its HYPE into 19 new wallets on Nov. 7, a move that analysts believe was tied to the upcoming SONN event, which closes in 11 days.
This confirmation follows months of speculation dating back to August , when MLM first guessed that Paradigm was accumulating HYPE shortly after its token generation event (TGE). There were traces of acquisitions through Wintermute and later FalconXGlobal on Gate.io.
It is important to note that the transfers between these entities matched Paradigm’s public statements about holding HYPE since November of last year.
Tracing the On-Chain Footprint
In December, 4.18 million HYPE was transferred from Wintermute to a fresh wallet, later split into 10 sub-wallets, each receiving between 150,000 and 840,000 HYPE. Additional transfers were made in February and April, totaling over 15 million tokens.
MLM said that Paradigm’s cost basis sits around $16.46 per HYPE, indicating an entry near $315 million. At the current price of $39.32, that translates into unrealized gains exceeding $440 million, a near 2.5x paper profit. However, Paradigm hasn’t publicly confirmed these holdings.
Market Reaction and Technical Outlook
HYPE is down 15% over the past month and 33% below its all-time high of $59.39 . Despite the decline, the token remains the 11th-largest cryptocurrency, boasting a $13.24 billion market cap.
The weekly chart shows that HYPE continues to move within a rising parallel channel, with the RSI at 49.78. Meanwhile, the MACD line is flattening, indicating that the market is entering a phase of consolidation.
HYPE weekly chart with momentum indicators | Source: TradingView
If buying pressure returns, HYPE could retest the upper channel resistance near $53. A breakdown, however, might push it back to the lower Bollinger Band support around $35.89.
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