Multicoin Capital has quietly shifted tens of millions of dollars worth of HYPE tokens onto Coinbase Prime over the past week, sparking a notable dip in the asset’s price. The venture firm, fresh off publishing a bullish valuation report forecasting HYPE’s price could hit $319 by 2028, deposited approximately 395,570 HYPE tokens valued at $23.8 million between July 21-22. Soon after, an additional 211,486 tokens, worth $13 million, were unstaked and moved, followed by 86,000 more valued at nearly $4.8 million.
In total, the firm has moved or queued withdrawals totaling around $41 million in HYPE within just seven days. Bitwise Asset Management, which manages a Hyperliquid-focused ETF, also added to the selling pressure by transferring its own holdings to Coinbase Prime, bringing combined institutional deposits above $8.7 million.
This wave of token flow pushed HYPE down roughly 8 percent, with prices hovering near $58 amid relatively thin spot market liquidity. The timing of these moves stands out, considering Multicoin’s June 25 report identified HYPE as one of its largest liquid fund holdings and projected a 400% upside from current levels. The firm had aggressively built its position in 2025, swapping approximately $46 million worth of ETH into HYPE during early accumulation phases.
Meanwhile, liquidity pressure is mounting across the board, with nearly $150 million queued for withdrawal from staked HYPE positions. Multicoin’s activity accounts for a significant share of this pending outflow. The market seems caught between factoring in near-term selling pressure and the longer-term growth thesis laid out by the same investor.
This material is for informational purposes and does not constitute financial advice.
