Multicoin Capital Moves $31.7M in HYPE to Coinbase Prime, Token Jumps 9.6%

BitcoinWorld Multicoin Capital Moves $31.7M in HYPE to Coinbase Prime, Token Jumps 9.6% Multicoin Capital, a prominent crypto investment firm, has transferred a substantial amount of Hyperliquid’s native token, HYPE, to Coinbase Prime over the past three days.

According to on-chain data, the firm deposited 427,422 HYPE, valued at approximately $31.74 million at the time of the transaction. HYPE was recently trading at $80.02, up 9.56% over the last 24 hours, according to CoinMarketCap.

Details of the Deposit The deposits were spread across three days, with the largest single-day transfer occurring on the most recent day.

While the exact reasons for the move have not been disclosed, such transfers to exchange wallets often precede selling or are used for over-the-counter (OTC) trades, collateral provision, or custodial purposes.