Institutions Unload Hyperliquid on Coinbase as Price Hits New Low

Recent activity on Coinbase suggests that institutions are selling Hyperliquid (HYPE), potentially leading to a sell-off in the market. Multicoin Capital deposited another 333,166 HYPE worth $26.73 million into CoinbasePrime, just six days after depositing 159.66k HYPE worth $13 million.

This significant influx of HYPE tokens has raised concerns that supply might hit the market, which could put downward pressure on the price. However, it's essential to note that exchange deposits don't necessarily mean selling, but they do often lead to selling.

A look at Hyperliquid Spot ETF flows confirms this sell-side activity. The HYPE Spot ETF has recorded net outflows of $8.18 million in the latest data from SoSoValue, indicating that most investors have been cashing out recently.