Four wallets tied to Multicoin Capital sent 441,000 HYPE, worth about $35.3 million at current prices, to Coinbase Prime over a six-hour window, on-chain monitoring shows, in a transfer large enough to read as preparation for a sale rather than routine custody shuffling. It is the latest entry in a selldown that has been running for months and has already reduced one of Hyperliquid's most vocal institutional backers to a fraction of its former position.
Multicoin built its HYPE stake in February and March, when the token was a fraction of its current price, and the firm has been just as public about its conviction as it has been, more recently, about taking profit. As recently as June 25, Multicoin published a base-case price target of $319 for HYPE by 2028, a bet on Hyperliquid becoming the dominant venue for on-chain derivatives trading. That target didn't stop the firm from beginning to sell into strength almost immediately after: transfers of roughly 395,000 HYPE, worth about $23.8 million, hit Coinbase Prime on July 21 and 22, with further blocks of $4.78 million and multiple $10 million-range tranches following through August.
Taken together, Monday's transfer extends a pattern in which Multicoin has now sold down roughly 75% of the peak position it once held, leaving an estimated $90.5 million in HYPE as its largest remaining publicly visible on-chain holding. That is still a substantial bet on the token, but the trajectory is unambiguous: a firm that talked up a multi-year price target in June has spent the following months steadily converting a large chunk of that same position into cash, or into other assets, at a pace that has made it one of the most closely tracked sellers in the Hyperliquid ecosystem.
The timing matters because Multicoin isn't selling into a vacuum. Multiple other large HYPE holders have wrapped up cashing-out campaigns within days of each other in recent weeks, and HYPE's spot ETF products have now posted a second straight week of net outflows, suggesting the profit-taking isn't confined to any one wallet or fund. A separate ETF-linked wallet run by Bitwise has also been flagged sending HYPE to Coinbase in recent weeks, adding to the sense that sale-linked transfers have become a recurring feature of the token's exchange flows rather than an isolated event.
Related: HYPE Whale Withdraws Margin Instead of Selling, Sits on $62.7M Gain
None of this necessarily contradicts Multicoin's longer-term thesis on Hyperliquid. Venture and liquid-fund investors routinely trim early, highly appreciated positions to manage concentration risk and return capital to limited partners, even when they remain structurally bullish on the underlying project. But for a token whose price has benefited from being closely associated with sophisticated institutional backing, a steady drip of nine-figure insider sales is the kind of signal retail traders tend to weight heavily, whatever the stated rationale behind it. Whether HYPE can absorb this pace of selling without a more serious drawdown may depend less on Multicoin's remaining $90.5 million than on whether the broader ETF and whale outflows accelerate or fade from here.
Coinbase Prime itself is worth noting as the destination: it is the venue institutions typically use to work large blocks through OTC desks rather than dumping directly onto a public order book, which tends to soften the immediate price impact of a transfer this size relative to a retail-style exchange dump. That doesn't mean the HYPE eventually finds its way to a buyer without moving the market at all, only that the process is likely to be slower and less visible than a single large sell order would be. For a token that has leaned heavily on its association with well-known crypto-native funds to build credibility with newer holders, the more important question may be whether Multicoin's continued presence as a seller changes how those newer holders read every subsequent large wallet movement out of Hyperliquid's ecosystem.
