Multicoin Capital has moved another 130,331 HYPE tokens worth about $12.15 million to Coinbase Prime, bringing its total transfers to the institutional platform since July 28 to 4.23 million HYPE worth roughly $285 million.
The latest transfer was reported by onchain analytics platform Lookonchain on Sept. 24. It came after about a one-week break in similar transfers from Multicoin.
The move does not necessarily mean Multicoin sold the tokens. Coinbase Prime is used by institutions for both custody and trading, so simply sending HYPE there does not show what happened to the tokens afterward.
HYPE was trading around $92.50 when the latest data was reported, down about 4% over 24 hours. Even after the drop, the token was still around 17% higher than a week earlier.
HYPE had reached a new all-time high of $97.99 on Sept. 23 before pulling back.
Since July 28, Multicoin has transferred a total of 4.23 million HYPE to Coinbase Prime. Based on the value of the tokens when each transaction took place, the transfers are worth around $285 million.
The latest 130,331 HYPE represents about 3.1% of all the tokens Multicoin has moved to Coinbase Prime during this period.
These transfers are getting attention because Multicoin has previously shown strong support for Hyperliquid. The firm made HYPE one of the largest positions in its liquid fund after accumulating the token since February.
In June, Multicoin said it believed HYPE could reach $319 by 2028 under its base-case scenario. The firm based part of that view on Hyperliquid’s growing trading activity and revenue.
Multicoin said Hyperliquid generated around $873 million in revenue from approximately $2.9 trillion in trading volume during 2025, while its user base increased from about 301,000 to 923,000.
The firm also pointed to HYPE’s token economics. According to its analysis, around 99% of protocol revenue was being used to buy back HYPE, while Hyperliquid did not have a separate equity structure competing with token holders for the platform’s economics.
However, Multicoin also listed several risks, including regulation, competition, governance, decentralization and potential bad debt.
The Coinbase Prime transfers alone do not confirm that Multicoin is selling HYPE.
Institutional platforms such as Coinbase Prime can be used to hold assets securely or prepare them for trading. Without additional onchain evidence, it is not possible to know whether the transferred HYPE was sold.
Multicoin had already built a large HYPE position earlier this year. In May, three wallets linked to the firm were reported to have staked around 1.96 million HYPE on HyperCore, worth roughly $82 million at the time. The wallets together held around 2.83 million HYPE valued near $118 million.
The latest transfer therefore shows that another large batch of Multicoin-linked HYPE has moved to Coinbase Prime, but it does not prove that those tokens were sold.
HYPE’s latest move also comes after the token reached a new record price.
After touching $97.99 on Sept. 23, HYPE pulled back to around $92.50 the next day. Despite the daily decline, it remained significantly higher than a week earlier.
The rally had already gained momentum earlier in September. HYPE reached a previous record of $92.56 on Sept. 18 after Hyperliquid introduced a system allowing users to borrow USDC and USDT against HYPE and Bitcoin collateral.
Under the system, HYPE has a 65% loan-to-value ratio, while Bitcoin has a 50% ratio.
The token also continued to hold up after a large scheduled unlock earlier in September. Around 9.92 million HYPE became unlocked on Sept. 6, worth about $820 million when the token was trading near $82.60.
However, unlocked tokens do not automatically mean that holders will sell. Previous exchange data showed that only around 1.75% of tokens released during a March 2026 unlock reached exchanges during the following 30 days.
At the same time, activity on Hyperliquid has continued to grow.
Open interest on the platform reached a record $18 billion on Sept. 23, beating the previous high of $16.36 billion recorded on Sept. 19. At the end of August, open interest was above $13 billion.
Bitcoin, Ether and HYPE accounted for around $9.33 billion of the total open interest.
Trading on Hyperliquid has also expanded beyond crypto through its HIP 3 framework, which allows third parties to create perpetual markets for other assets.
These markets now include U.S. stocks, gold, crude oil, the S&P 500 and private companies.
Cumulative trading volume across HIP 3 markets had passed $548 billion by early September, while the segment represented around 30% of Hyperliquid’s trading volume over the previous 30 days.
Hyperliquid has also continued using protocol revenue to buy HYPE. Data cited by Lookonchain showed that 32,770 HYPE worth around $2.65 million was repurchased and burned during a 24-hour period ending Sept. 12.
At that time, total HYPE burns had reached about 48.57 million tokens, equal to roughly 4.86% of the token’s maximum supply.
