Wallet linked to USDH deployer deposits $15.07M in HYPE to Coinbase

A wallet associated with the smart contract deployer for USDH, the stablecoin of the recently halted Hyperliquid (HYPE) ecosystem, has transferred HYPE worth $15.07 million to Coinbase, according to an analysis by Onchain Lens. Deposits to exchanges are typically interpreted as a precursor to selling. Onchain Lens reported yesterday that the wallet had begun moving some of its HYPE holdings. After receiving 1.01 million HYPE (approximately $72.45 million) through unstaking, it transferred 209,984 HYPE to a new wallet. Subsequently, it deposited 200,000 HYPE to Flowdesk, of which 120,000 HYPE was moved to Bybit and 80,000 HYPE to Hyperliquid.