Institutional Investors Unstake and Deposit Millions in HYPE Tokens

Two prominent institutional investors have been quietly unstaking and depositing large sums of HYPE tokens into Coinbase Prime. Multicoin Capital, which published a glowing valuation report on Hyperliquid's HYPE token just weeks ago, has deposited approximately $23.8 million worth of the token into the exchange. The firm initiated unstaking of another 211,486 HYPE valued at roughly $13 million around July 21-22.

Bitwise Asset Management, which operates a Hyperliquid-focused ETF product, contributed its own significant deposits into Coinbase Prime, with nearly $8.7 million in HYPE deposits combined with Multicoin's moves. The two firms' actions have put pressure on the market, with HYPE dropping roughly 8% during the selling window.

The awkward timing of Multicoin's own bull case is highlighted by its valuation report published just a month before these deposits began, which projected a base-case price of $319 for HYPE by 2028. The report positioned HYPE as one of Multicoin's largest liquid fund holdings and built the firm's position through aggressive early accumulation in 2025.