Bitwise BHYP-linked address deposits $2.1M in HYPE to Coinbase

An address estimated to be tied to Bitwise’s Hyperliquid spot ETF, BHYP, deposited 39,310 HYPE worth $2.13 million to Coinbase an hour ago, Onchain Lens reported. Exchange deposits are typically interpreted as being intended for sales. The address has deposited a total of 286,900 HYPE worth $17.35 million to Coinbase over the past few weeks and currently holds 354,040 HYPE worth $19.25 million.