$10 Million Hype: Multicoin Capital's Coinbase Transfer Raises Market Concerns
A significant movement of HYPE tokens worth approximately $10.15 million has been detected on Coinbase, raising market concerns about potential selling pressure.
The transfer, made by a wallet associated with Multicoin Capital, amounts to 172,710 HYPE tokens, according to on-chain monitoring provided by Woofun AI and OnchainLens.
This transaction is not a full liquidation, as the wallet retained approximately 2.16 million HYPE tokens after the outbound transfer, valued at around $126.63 million based on the current market price of $58.59 per token.
Multicoin Capital's involvement with HYPE is significant, as it maintains an active portfolio across multiple sectors within the digital asset space and has substantial holdings in the Hyperliquid ecosystem.