Multicoin Capital Moves $36.5M in HYPE Amid Potential Profit-Taking

Multicoin Capital appears to be taking profits on its Hyperliquid (HYPE) investment after moving approximately $36.5 million worth of tokens, according to on-chain data.

Roughly six hours ago, the thesis-driven crypto investment firm deposited 395,570 HYPE, valued at $23.78 million, into Coinbase Prime.

At the same time, it requested the unstaking of an additional 211,486 HYPE worth approximately $12.94 million, bringing the total amount involved to 606,091 HYPE.

The firm reportedly acquired the holdings at an average price of around $30 per token about five months ago, leaving it with an estimated unrealized profit of approximately $18.5 million at current market prices.

The wallet activity comes as HYPE has retreated 23.4% from its all-time high of $76.87, reached on June 16, 2026. While transfers to Coinbase Prime and unstaking activity can indicate preparations to sell, the on-chain movements alone do not confirm that the tokens have been liquidated. 

The transactions highlight potential profit-taking by a major institutional holder following HYPE’s strong rally earlier this year, as the token continues to trade below its record high.

Source: Lookonchain