Multicoin Capital Moves $59M in HYPE to Coinbase, On-Chain Data Shows

BitcoinWorld Multicoin Capital Moves $59M in HYPE to Coinbase, On-Chain Data Shows Multicoin Capital, a prominent crypto venture firm, has deposited approximately $59.04 million worth of HYPE tokens into Coinbase over the past 30 days, according to on-chain data from Onchain Lens.

The latest transaction, which occurred seven hours ago, involved an additional transfer of 81,300 HYPE to the exchange. Such deposits are often interpreted by market observers as a potential precursor to selling, though they do not confirm an immediate intent to liquidate.

What the On-Chain Data Shows Blockchain analytics firm Onchain Lens flagged the cumulative transfers, which have drawn attention due to the scale of the movements.

HYPE is the native token of Hyperliquid, a decentralized perpetuals trading platform that has gained traction in the crypto ecosystem.