HYPE Reaches $82 Record High as Multicoin Capital Moves $20 M to Coinbase Prime

hyperliquid">Hyperliquid’s native token HYPE surged to a new all‑time high of about $82, marking a 38% gain over the past week. The rally coincided with large deposits of the token by venture firm Multicoin Capital into Coinbase Prime.

Record‑High Price and Trading Activity

HYPE’s price climbed to $82, with a 24‑hour trading volume exceeding $2 billion and a market capitalization of $17.17 billion. Hyperliquid reported over $176 billion in 30‑day trading volume and open interest above $8 billion.

Trump‑Related Momentum

President Donald Trump’s comments on August 19, indicating that the CFTC was working to bring Hyperliquid into the United States in a compliant manner, sparked a rapid price increase of up to 25% in a single day. The remarks followed a Wyoming Blockchain Symposium discussion on the CFTC’s approach and were echoed by Binance founder Changpeng Zhao as a win for the crypto industry.

Multicoin Capital’s Coinbase Prime Deposits

On August 20, a wallet linked to Multicoin Capital transferred 308,884 HYPE (≈ $19.8 million) to Coinbase Prime within seven hours, followed by additional deposits of 172,710 HYPE (≈ $10.15 million) and 62,700 HYPE (≈ $4.37 million). Since February 2026, Multicoin has moved over $100 million of HYPE to Coinbase Prime, representing one of its largest liquid positions.

Market Impact of Large Deposits

Historical large deposits by Multicoin in July were associated with price declines of around 8%, suggesting that the market monitors the firm’s activity closely. Multicoin’s June valuation report projected a base‑case price of $319 for HYPE by 2028, based on expectations of Hyperliquid’s earnings scaling toward $8 billion.

Buyback Mechanism and Future Outlook

Hyperliquid directs an estimated 99% of its trading revenue—over $896 million in the past 12 months—into an Assistance Fund that continuously repurchases HYPE. The effectiveness of this buyback program against ongoing large deposits will influence whether HYPE sustains its record levels.

Traders are also watching the CFTC’s review progress, which could enable formal U.S. market access and attract institutional demand.