Multicoin Capital Sends $31.7 Million in HYPE to Coinbase Prime

Multicoin Capital has transferred $31.7 million worth of Hyperliquid's native token, HYPE, to Coinbase Prime over three days.

The largest single-day transfer occurred on the most recent day, with the firm depositing 427,422 HYPE tokens at a value of approximately $31.74 million at the time of the transaction.

HYPE's price rose 9.56% to $80.02 following the move, suggesting that the market has not interpreted it as bearish.

The exact reason for the transfer remains unclear, but such moves often precede selling or are used for OTC trades, collateral provision, or custodial purposes.