Multicoin Capital Unloads $133M HYPE Stake Amid Distribution Pressure
Multicoin Capital, an experienced investor in blockchain and crypto assets, has made a significant move by offloading $133 million worth of HYPE tokens since July 28. The entity built its position at an average cost basis of $32.32 earlier this year before distributing into various venues, with the latest deposit occurring just nine hours ago at an average fill price of $77.03.
This transaction has resulted in substantial gains for Multicoin Capital, locking in approximately $77.15 million in profits while still holding $60.29 million on-chain. The entity's decision to sell a portion of its HYPE holdings may be attributed to ongoing distribution pressure from large holders, as suggested by the neutral RSI at 52.3 combined with the MACD death cross on the 4h chart.
The price action on the chart shows HYPE trading at $85.6 inside the Bollinger Bands, with upper resistance at $88.91 and lower support at $82.67. The setup is aligned with a potential retracement toward the EMA50 support at $84.42 before any continuation higher.