Multicoin, Bitwise Transfer $8.7M in HYPE to Coinbase as Token Falls 30% From Record High

Institutional holders continued moving Hyperliquid’s HYPE token to Coinbase on Thursday as the cryptocurrency traded nearly 30% below its record high.

Multicoin Capital, a thesis-driven crypto investment firm, transferred 137,100 HYPE, valued at approximately $7.51 million, to Coinbase Prime over the past 10 hours.

Separately, Bitwise deposited 22,463 HYPE worth about $1.23 million into Coinbase about nine hours ago.

The transfers coincided with a continued decline in HYPE’s market price. The token was trading at $54.03 at the time of writing, down 29.7% from its all-time high of $76.87 reached on June 16, 2026. 

The wallet movements indicate additional HYPE tokens were sent to Coinbase by the two institutional investors, although the transfers alone do not confirm that the assets have been sold.

Source: Lookonchain