A wallet linked to Multicoin Capital has transferred 172,710 HYPE tokens, worth approximately $10.15 million, to Coinbase Prime, according to on-chain data from Onchain Lens. The platform flagged the move as likely intended for a sale, drawing attention because HYPE is among the top 10 crypto tokens by market capitalization.
The transfer was detected on August 18 and sent HYPE to Coinbase Prime, the institutional arm of Coinbase that provides custody, execution, and settlement. Onchain Lens noted that the wallet still holds about 2.16 million HYPE, valued at roughly $126.63 million, suggesting the move may be a trim rather than a full exit.
HYPE is currently trading near $58.59, down 1.39% over 24 hours, with a market cap of almost $13 billion. The token remains well below its June high of $76.87, while open interest stands at around $11.8 billion. Large exchange inflows are often viewed as a warning of increased supply, though they can also reflect custody or treasury management.
The move follows a July episode in which Multicoin and Paradigm unstaked a combined $291 million worth of HYPE, pushing the price below $60. Multicoin co-founder Tushar Jain said at the time, “We did not unstake to sell,” describing the action as a wallet rotation and privacy measure. The latest transfer differs because Coinbase Prime offers a more direct route to settlement.
Hyperliquid’s fundamentals remain a core part of the long-term bull case. Multicoin’s June valuation report highlighted about $873 million in protocol revenue on $2.9 trillion in 2025 trading volume, with Hyperliquid accounting for more than 59% of open interest in DeFi perpetual markets. The protocol directs roughly 99% of revenue toward HYPE buybacks and burns. Multicoin has previously projected HYPE could reach $319 by 2028.
Still, with Multicoin remaining one of HYPE’s major institutional backers, further wallet movements are likely to remain closely watched by traders and analysts.
