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Galaxy Digital's move is quite bold; they've been rapidly accumulating HYPE recently. According to on-chain data, over the past month, they have transferred more than 395k HYPE tokens into a wallet cluster, with a total value approaching $14.4 billion. Just two hours ago, they transferred another 395k tokens, worth over $16 million.
This amount has already made them the biggest HYPE buyer during this period. There are also rumors in the market that Multicoin is following suit, trying to exchange ETH for HYPE, but nothing has been confirmed yet. However, based on Galaxy Digital's buying pace, institutions are indeed optimistic about this project.