ONHAIN ANALYSIS SUGGESTS PARADIGM LIKELY HOLDS $765M+ IN HYPE

Summary from the TLDR Crypto newsletter

Paradigm may be the largest $HYPE holder, with ~19.1M tokens worth $765M at $40 p/HYPE. The analysis links a 4.18M HYPE transfer from Wintermute in December, publicly confirmed by Paradigm's Matt Huang, to 10 newly split wallets. Additional bulk withdrawals via FalconX and Gate.io, grouped by timing and structure, further support the theory. The estimated cost basis is ~$16.46/HYPE, implying ~$450M in unrealized gains. Though unconfirmed, the pattern of wallet activity, stealth setups, and ties to the Paradigm-affiliated entity “Sonn” strengthen the attribution. If accurate, Paradigm controls ~2% of total HYPE supply and ~6% of circulating supply.