A cryptocurrency wallet believed to be linked to investment firm Multicoin Capital has transferred 607,000 HYPE tokens worth approximately $37 million, according to on-chain data shared by analyst EmberCN. The moves include a deposit of 395,000 HYPE into Coinbase and an unstaking request for 211,000 HYPE from the Hyperliquid decentralized exchange, fueling speculation of a potential sale. The tokens were originally acquired over the counter through Galaxy Digital in February at an average price of around $30 per token. With HYPE currently trading near $61, a full sale would yield an estimated profit of $18.8 million.
The transactions come amid a pronounced decline in HYPE’s price, which fell below the $60 mark on Wednesday. The token failed to reclaim its 50-day Exponential Moving Average (EMA) at $62.70, reinforcing short-term bearish momentum. Meanwhile, HYPE-focused exchange-traded funds (ETFs) recorded $700,000 in net outflows on Tuesday, following $7.3 million in withdrawals the previous week, reversing a nine-week streak of inflows. On-chain data from Lookonchain also indicated that Multicoin Capital may be trimming its exposure, as a wallet transferred 395,570 HYPE to Coinbase Prime and requested unstaking of an additional 211,486 HYPE.
Derivatives data mirrored the cautious sentiment. Futures open interest on Hyperliquid dipped 2.4% to $2.5 billion, while long liquidations surged to $2.8 million, far outpacing the $133,430 in short liquidations. Trading volume rose 41% to $2.4 billion, but the funding rate barely turned positive at 0.0009%, reflecting indecision among traders. From a technical standpoint, HYPE trades below the critical $60.41 support, with the next demand zone at $54.19. The Relative Strength Index (RSI) lingers around 48, and the MACD remains in negative territory. Analysts note that a break above the 50-day EMA at $62.70 could shift focus to $66.22 and a descending resistance near $69.87, potentially paving the way toward the all-time high of $76.93. Until then, weakening ETF demand and cautious institutional positioning suggest the downside may persist, with the $54 support level pivotal for HYPE’s next move.
