Crypto
Multicoin Capital Cashes Out $112M HYPE Stake with 134% Return
Multicoin Capital has made significant gains from its investment in HYPE, selling $112 million worth of tokens since July 28 and locking in an estimated profit of $64.08 million at a return of 134%. The firm accumulated 4.95 million HYPE tokens from Galaxy Digital between January and July at an average price of $32.32.
The latest transaction saw Multicoin Capital deposit 150,000 HYPE tokens worth $12.78 million onto Coinbase just three hours ago, as the asset's price tests its upper Bollinger resistance at $87.09.
The technical analysis suggests a healthy retracement towards the 50-EMA support is probable before any continuation higher, despite the MACD golden cross at 0.91 keeping the broader structure bullish.