Multicoin Capital Unloads Millions in Hype Token to Coinbase Prime

Multicoin Capital has made significant moves in the HYPE token, depositing millions into Coinbase Prime. The firm transferred approximately 308,884 HYPE tokens worth over $19.8 million across a seven-hour window, raising questions about potential sell pressure.

This move follows a broader pattern of large-scale transfers by Multicoin, which accumulated more than $100 million in HYPE since February 2026, making it one of the firm's largest liquid fund positions. The market has reacted accordingly, with HYPE's price fluctuating between roughly $55 and $70 recently.

A closer look at the timeline reveals that Multicoin made similar transfers in July, depositing around $23.8 million worth of HYPE tokens into Coinbase Prime. This pattern suggests a potential exit strategy for the firm, although it could also be a move to manage risk or prepare for optionality.

Hyperliquid is a Layer-1 blockchain designed for decentralized perpetual trading, and HYPE is its native token used for staking and governance. Multicoin has been publicly constructive on HYPE's long-term prospects, but the recent deposits have sparked scrutiny about potential sell pressure.