Address tied to Multicoin Capital seen moving $37M in HYPE for possible sale

A wallet believed to be tied to crypto investment firm Multicoin Capital appears to have moved 607,000 HYPE worth $37 million in what may be a sale, on-chain analyst EmberCN said. EmberCN said the address deposited 395,000 HYPE into Coinbase four hours ago and also requested the unstaking of 211,000 HYPE that had been staked on Hyperliquid. The holdings appear to have been acquired over the counter through Galaxy Digital in February at about $30 per token. With HYPE now trading at $61, the whale would have realized an estimated $18.8 million profit if all of the tokens were sold, according to the analysis. EmberCN added that a Coinbase deposit and an unstaking request alone are not enough to conclude an actual sale took place.