Multicoin Doubles Down on Hyperliquid Crypto Amid Growing Institutional Demand

Hyperliquid crypto has been gaining traction among institutional investors, and one of its biggest supporters is Multicoin. In an interview, Spencer Applebaum, head of venture at Multicoin, revealed that the company's decision to invest heavily in Hyperliquid was due to its core exchange products matching major exchanges like Binance.

Applebaum noted that Hyperliquid's approach to liquidity and outsourcing distribution also contributed to its appeal. Despite selling off a large portion of its holdings earlier this year, Multicoin still holds about 700 million HYPE coins, representing one of its biggest crypto positions.

In the latest development, Hyperliquid conducted another burn, removing 32,770 HYPE coins from circulation at an average price of $81.01. This brings the total number of burned coins to 48.57 million, roughly 4.8% of the circulating supply.