FalconX deposits $14M in HYPE to Gate

Crypto prime brokerage FalconX deposited 198,750 HYPE worth $14 million to Gate, according to Onchain Lens. Exchange deposits are typically interpreted as a sign of selling intent. Multicoin Capital had previously also deposited HYPE to an exchange. Onchain Lens said several buyers that had accumulated HYPE through over-the-counter trades over the past few months now appear to be selling.