Multicoin Capital-linked wallet moves $10.15M in HYPE to Coinbase, on-chain data shows

BitcoinWorld Multicoin Capital-linked wallet moves $10.15M in HYPE to Coinbase, on-chain data shows A wallet believed to be associated with Multicoin Capital has transferred 172,710 HYPE tokens, valued at approximately $10.15 million, to the cryptocurrency exchange Coinbase, according to blockchain tracking platform Onchain Lens.

The transfer, detected on-chain, appears to be intended for a sale, the platform noted. The wallet in question still holds about 2.16 million HYPE, worth roughly $126.63 million at current prices.

The move comes as HYPE, the native token of the Hyperliquid ecosystem, trades at $58.59, down 1.39% over the past 24 hours, according to CoinMarketCap.

Context and implications for HYPE market Large transfers to exchanges are often interpreted by market participants as a potential precursor to selling, which can create short-term selling pressure.