Multicoin Capital-linked address deposits $5.6M in HYPE to Coinbase

A wallet believed to be tied to crypto investment firm Multicoin Capital deposited 101,340 HYPE worth $5.6 million into Coinbase from $120 million in unstaked HYPE, Onchain Lens reported. The address had earlier received 1.29 million HYPE worth $71.1 million after unstaking from Hyperliquid. Hyperliquid applies a seven-day waiting period to convert staked balances into spot tokens.