Hyperliquid’s HYPE token has become the largest hedge-fund position at Multicoin Capital, according to Bloomberg. Spencer Applebaum, general partner and co-head of venture investments, confirmed the status in an interview but declined to disclose the position’s size. Applebaum said Multicoin accumulated HYPE on public markets and typically holds publicly traded assets for several years. He also pushed back on forced blockchain-AI narratives, saying the firm would continue investing in digital assets based on its crypto expertise.
Multicoin’s June research had already identified HYPE as one of the largest positions in its liquid fund. The firm began accumulating early in 2026 and presented a base-case price target of $319 by 2028, with a $109 bear case and a $689 bull case. The valuation assumed roughly $8 billion in annual earnings by 2028 and a 20-times multiple. Historical figures cited included $873 million in revenue on $2.9 trillion in 2025 trading volume, user growth from about 301,000 to 923,000, and open interest reaching $6 billion.
On-chain reporting added context without confirming actual sales. Lookonchain attributed a Sept. 24 deposit of 130,331 HYPE worth $12.15 million to Multicoin, and cumulative deposits to Coinbase Prime since July 28 of 4.23 million HYPE worth approximately $285 million. Because Coinbase Prime provides institutional custody and execution, deposits alone do not establish whether Multicoin sold the tokens. Separately, Lookonchain linked a wallet to Nasdaq-listed treasury company Hyperliquid Strategies, which bought 494,200 HYPE worth $45.8 million over 16 hours and had accumulated 5.51 million HYPE worth roughly $476 million over the preceding month.
Meanwhile, CryptoQuant founder and CEO Ki Young Ju said HYPE has become the most bullish cryptocurrency in analyst sentiment, citing fee-driven buybacks. Hyperliquid uses a portion of platform fees to repurchase HYPE from the open market, creating demand tied to protocol activity. In Ju’s ranking, BNB ranked second, Solana third, Bitcoin fourth, followed by Cardano, XRP, Ethereum and Uniswap. Ali Martinez cautioned that from a counter-sentiment perspective the overwhelmingly positive tone could be bearish in the short term.
At press time, HYPE traded just above $80, down about 18% from its all-time high near $100 earlier this year. Martinez spotted a TD Sequential buy signal and said follow-through could test $86, then resistance near $93. Analyst Jelle noted HYPE is testing its 100-day EMA and said the longer-term structure remains intact as long as June highs around $76 hold. A separate whale reportedly bought 257,928 HYPE near $3.50 in late 2024 and recently transferred more than 230,000 coins to Kraken, potentially locking in nearly $20 million in profit if sold.
