$32 Million Flow from Multicoin Capital to Coinbase Prime as HYPE Hits Record: A Sell-off?

As HYPE hits a new all-time high, tokens worth $31.74 million were transferred from wallets labeled Multicoin Capital to Coinbase Prime over three days, bringing potential selling pressure into focus.

HYPE, the native token of the Hyperliquid ecosystem, continued its rally to reach a new all-time high (ATH). Immediately following the record, high-value transfers turned investors’ attention toward institutional wallet movements. On-chain data platform Lookonchain revealed that wallets labeled as Multicoin Capital deposited a total of 427,422 HYPE into Coinbase Prime over the last three days.

The total value of these transfers reached $31.74 million. Coinbase Prime serves as an institutional platform used by large investors for trading activities. Sending tokens to such a platform is generally done for sell-order preparation or for the purpose of selling. However, this movement does not definitively indicate that the HYPE tokens have been sold.

Institutional transfers accelerate as HYPE hits records

The transaction breakdown shows that the five transfers making up this total were conducted 5 hours, 12 hours, 1 day, and 2 days ago. The largest transaction was 113,284 HYPE sent 12 hours ago, valued at $8.7 million. Other transfers occurred at levels of 84,280, 93,684, 73,444, and 62,730 HYPE. This distribution shows that the transfers were not one-time events but were conducted as transactions spread over several days.

The critical point for HYPE investors will be whether these assets translate into sales on Coinbase Prime. If a sale occurs, the large amount of HYPE moved to the exchange could create selling pressure at record levels. If the transfers are used for a different institutional transaction, this effect might not materialize. Current data only confirms a large-scale transfer and does not prove that a sale has been made.