The address related to Multicoin Capital has been observed transferring 308,884 HYPE to Coinbase Prime. As deposits from exchange accounts continue, interpretations surrounding the supply of HYPE are diverging.
CryptoBriefing reported that as of the 20th, the address deposited 308,884 HYPE, approximately $19.8 million (about 2.75 billion KRW), into Coinbase Prime over a span of seven hours. This publication had previously reported on the transfer of HYPE by Multicoin Capital to Coinbase.
The crux of this matter lies more in the purpose of the transfer than the transfer itself. Coinbase Prime offers trading and custody services targeted at institutional investors. Since cryptocurrencies can be deposited from external addresses into Coinbase Prime's trading or custody balances, a deposit alone does not necessarily indicate a sell order.
In the on-chain market, deposits from large holders are typically interpreted as signals to assess selling possibilities. However, in institutional accounts, changes in custody methods, internal wallet reallocations, over-the-counter trading responses, and execution preparations can manifest in similar forms. Therefore, the only verifiable fact from public records is the movement of HYPE to Coinbase Prime.
Previous observations followed the same trend. Lookonchain reported that around July 22, an address related to Multicoin Capital sent 395,570 HYPE, approximately $23.8 million (about 3.31 billion KRW), to Coinbase Prime and requested the unstaking of 211,486 HYPE. On July 30, an additional transfer of 137,100 HYPE and a deposit of 22,463 HYPE from Bitwise were also detected.
Similar patterns have repeated in the past. This publication had previously reported that Multicoin Capital transferred approximately $10.15 million worth of HYPE to Coinbase Prime. At that time, the movement to the exchange and custody platform was interpreted as a signal that could indicate both preparation for selling and reallocation of operational purposes.
As Multicoin Capital's public stance and on-chain flows overlap, the controversy has intensified. Multicoin Capital stated in a report on June 25 that it had been accumulating HYPE since the beginning of the year and that HYPE is one of the major positions in its liquidity fund. The same report projected an annual revenue of $8 billion (approximately 11.128 trillion KRW) in 2028, valuing HYPE at $319.
This figure is merely an analysis from Multicoin Capital and does not imply price achievement. Following the public release of the token holdings and valuation report, large deposits have led the market to discuss rebalancing, liquidity management, and profit realization possibilities. No interpretation can be definitively confirmed based solely on public records.
Tushar Jain, Managing Partner at Multicoin Capital, stated in a public response, "We did not unstake to sell." He emphasized that the large-scale unstaking was not for selling purposes and that the on-chain fund flows are continuously tracked, indicating a need for wallet address changes and privacy in institutional operations.
This statement has become a basis for counterarguments that view this transfer not as preparation for selling but as wallet rotation or operational reallocation. Conversely, some market participants believe that the mere fact that institutional holdings have moved to exchange accounts could be interpreted as a short-term supply burden. This is why it is essential to separate confirmed movements from their interpretations.
Hyperliquid is a decentralized trading ecosystem that supports on-chain derivatives trading. HYPE is the ecosystem token linked to staking, governance, and fee benefits. The movement history of large wallets is tracked through public data, meaning that the address movements of institutional funds are quickly reflected in market sentiment.
The token structure is also mentioned as a background for the debate. A disclosure document submitted to the U.S. Securities and Exchange Commission (SEC) explains that 99% of the fees from the Hyperliquid protocol are allocated to an assistance fund, which purchases HYPE in the public market. The same document noted that some of the HYPE acquired by the assistance fund could be sent to a burn wallet.
The HYPE market is sensitive to large address movements. The Block reported on August 6 that JPMorgan analysts believe Hyperliquid is facing competitive pressure in the U.S. regulatory trading platform and prediction market sectors, and that the inflow of HYPE ETFs has also slowed. The assessment that Hyperliquid's value is closely tied to platform trading activity and fees was also included in the same report.
According to CoinMarketCap's tally on the 20th, HYPE was priced at $70.94, with a 24-hour trading volume of $1.288 billion (approximately 1.792 trillion KRW) and a market capitalization of $17.905 billion (approximately 24.903 trillion KRW). The same tally recorded HYPE's all-time high at $76.85 on June 16, 2026.
While the large deposits have raised concerns about selling pressure, deposits and actual sell orders are separate stages. The currently available public records confirm the movement of HYPE related to Multicoin Capital, past unstaking requests, and the contrasting market interpretations regarding these movements.
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