Multicoin's Big Move: $21.7M Hype Tokens Headed for Coinbase Prime

Multicoin Capital transferred 261,555 Hyperliquid (HYPE) tokens to Coinbase Prime over the past 12 hours, valued at approximately $21.7 million.

The move is significant because it comes as HYPE is trading near its recent highs of $86-$87.

This has led some to speculate that institutions are selling, but experts caution that this is not necessarily the case.

According to on-chain data, Multicoin Capital deposited three batches of HYPE: 63,235 tokens, 101,144 tokens, and 97,176 tokens.

The transfers may indicate increased sell-side liquidity and institutional pressure on HYPE, but experts note that a Coinbase Prime deposit is not necessarily an executed market sale.