Multicoin Capital Moves $21.7 Million in HYPE to Coinbase Prime

Multicoin Capital, a prominent investment firm in the crypto space, has made significant moves with Hyperliquid. According to reports, Multicoin Capital transferred $21.7 million worth of HYPE (ticker: $HYPE) to Coinbase Prime within 12 hours.

HYPE's price has been fluctuating recently, having tested the range between $86 and $87 before settling around $82.93. Investors are closely watching whether this price level will hold at $80.

The transfer from Multicoin Capital to Coinbase Prime is not directly a sale but does increase the risk of additional supply coming into the market.