Multicoin Capital Moves $12.15 M of HYPE to Coinbase Prime Amid Price Pullback

Multicoin Capital transferred 130,331 HYPE tokens, valued at roughly $12.15 million, to the institutional custody and execution platform Coinbase Prime. This deposit follows a week‑long pause in similar transfers and raises the firm’s cumulative HYPE deposits to 4.23 million tokens, worth about $285 million since July 28.

What the Transfer Indicates

The deposit does not confirm that Multicoin sold the tokens. Coinbase Prime is used for both custody and trading, so the assets could remain under the firm’s control for future execution.

HYPE Price Context

HYPE reached an all‑time high of $97.99 on September 23 before easing to around $92.50 the next day, a decline of roughly 4% in 24 hours but still about 17% above its level a week earlier.

Broader Market Activity

• Hyperliquid’s open interest hit a record $18 billion on September 23, up from $16.36 billion four days earlier.
• Bitcoin, Ether and HYPE together accounted for roughly $9.33 billion of that open interest.
• Hyperliquid’s HIP 3 framework now supports perpetual markets tied to stocks, commodities and other assets, contributing to over $548 billion of cumulative volume in early September.

Previous Multicoin Exposure

Earlier in the year, Multicoin held significant HYPE positions, including staking about 1.96 million HYPE on HyperCore in May (valued at ~ $82 million) and maintaining a large allocation in its liquid fund since February. The firm’s June analysis projected a potential price of $319 by 2028, based on Hyperliquid’s revenue and token‑buy‑back mechanics.