$4.4M Hyperliquid Token Moved to Coinbase Prime by Multicoin Capital-Linked Wallet

A wallet linked to Multicoin Capital has made two large deposits of Hyperliquid's $HYPE token into Coinbase Prime, totaling over $4.4 million.

The first deposit of 62,700 $HYPE tokens, worth around $4.37 million, was made on February 22nd, and a second larger deposit of 172,710 $HYPE made just a day later.

This significant movement of assets has caught the attention of market observers, with many interpreting exchange deposits as a precursor to selling.