Multicoin Capital deposited 333,166 HYPE tokens, valued at $26.73 million, into Coinbase Prime on Sept. 15, according to Lookonchain monitoring. The transfer adds to a series of substantial HYPE movements from the venture fund to the institutional custody platform in recent weeks.
One prior deposit involved 427,422 HYPE tokens worth $31.74 million over three days. Another saw roughly 308,884 HYPE tokens, valued at over $19.8 million, moved within seven hours.
Hyperliquid is a purpose-built Layer 1 blockchain for on-chain perpetual futures trading. HYPE launched via airdrop on Nov. 29, 2024, and ranks among the largest crypto tokens by market cap.
Deposits of this size to institutional platforms often signal potential liquidation or portfolio rebalancing. The $26.73M transfer implies a HYPE price near $80.23, consistent with recent trading around $81.22 on the four-hour chart.
