On-chain analytics platform @OnchainLens has flagged a significant series of token movements by crypto investment firm Multicoin Capital, showing the firm has been steadily routing $HYPE toke
On-chain analytics platform @OnchainLens has flagged a significant series of token movements by crypto investment firm Multicoin Capital, showing the firm has been steadily routing $HYPE tokens to the institutional trading platform @Coinbase Prime over the past month.
Multicoin transferred 760,580 Hyperliquid ($HYPE) tokens to Coinbase Prime over a four-week period, with the deposits valued at approximately $62.99 million.The latest deposit in the series involved 67,500 $HYPE valued at $5.92 million. The transfers were presumably made with the intention of selling the tokens, though no official confirmation has been provided by the firm.
A transfer to Coinbase Prime does not confirm that the assets were sold. The institutional platform provides custody and execution services, meaning the available on-chain data does not show what happened to the tokens after they arrived.In the cryptocurrency markets, transfers of digital assets to exchanges are often interpreted as a precursor to selling, though large deposits to centralized platforms like Coinbase Prime can also indicate custody or over-the-counter arrangements.
Multicoin Capital, a prominent investment firm known for its focus on crypto and blockchain projects, has not publicly commented on the transactions.
This latest wave of transfers is part of a longer-running trend. Multicoin Capital transferred another 130,331 $HYPE worth $12.15 million to Coinbase Prime on September 24, bringing its total transfers to Coinbase Prime since July 28 to approximately 4.23 million $HYPE worth $285 million.
The activity comes as $HYPE trades at elevated levels. As of October 5, 2026, $HYPE was trading at $93, just 5% below its all-time high of $98 reached on September 23.$HYPE is the native token of @HyperliquidX, a decentralized exchange for perpetual futures, used for trading, staking, and governance within the ecosystem.
The protocol collects trading fees from its markets and routes a majority of that revenue to an assistance fund that buys $HYPE on the open market, providing a structural demand offset to any institutional selling pressure. On the buying side, Hyperliquid Strategies accumulated 494,200 $HYPE worth $45.8 million over 16 hours and has purchased 5.51 million tokens worth $476 million during the past month.
For now, the market will be watching closely to see whether Multicoin's on-chain activity accelerates or slows as $HYPE tests the territory near its record highs.
Sources:TokenPost: Multicoin Transfers $62.99 Million of HYPE to Coinbase PrimeBitbase: Hyperliquid Strategies Buys $45.8M in HYPE as Whale Selling Fears LingerCrypto Times: Hyperliquid Price Today, $340M Token Unlock Hits as HYPE Trades Near $93
