Multicoin and Bitwise Sell Millions of Dollars in HYPE Token to Coinbase Prime

Investors in Hyperliquid's HYPE token are facing significant selling pressure after two prominent firms, Multicoin Capital and Bitwise Asset Management, deposited tens of millions of dollars worth of HYPE into Coinbase Prime. According to on-chain data, Multicoin deposited approximately $23.8 million worth of HYPE between July 21-22, with a further $13 million initiated for unstaking during the same week.

The total value of HYPE moved or queued for withdrawal by Multicoin is around $41 million in the span of about a week. Bitwise, which operates a Hyperliquid-focused ETF product, contributed its own significant deposits into Coinbase Prime, combining with Multicoin's moves to total over $8.7 million in HYPE deposits.

The price of HYPE dropped roughly 8% during this selling window, trading around $58 as the institutional moves rippled through what remains a relatively thin spot market. The current range between $55 and $58 reflects the market trying to price in both the near-term selling pressure and whatever longer-term thesis firms like Multicoin still hold.