Multicoin Capital Shifts $59M in HYPE to Coinbase Amid Market Speculation

Onchain Lens data shows that Multicoin Capital has deposited $59.04 million in HYPE tokens into Coinbase over the past 30 days.

This movement of HYPE, the native token of Hyperliquid, a decentralized perpetuals trading platform, has raised eyebrows among market observers.

While such deposits are often seen as a potential precursor to selling, Multicoin Capital's involvement with Hyperliquid is part of its wider strategy in decentralized finance (DeFi) protocols.