Multicoin Capital-linked wallets may be swapping ETH for HYPE, says analyst

Wallets associated with crypto investment firm Multicoin Capital appear to have been swapping large amounts of ETH for HYPE since January, according to an analysis by on-chain analyst MLM, Wu Blockchain reported. MLM, who has about 27,000 Telegram subscribers, explained that on Jan. 22, these wallets deposited 87,100 ETH, worth $220 million, into a Galaxy Digital deposit address linked to Multicoin Capital. The following day, Jan. 23, a Multicoin-related wallet began receiving HYPE from Galaxy. Emmett Gallic, an analyst at on-chain analysis platform Arkham (ARKM), added that the analysis is plausible.