Institutions sell HYPE as Multicoin Capital deposits $8M into Coinbase Prime

Multicoin Capital, the venture firm that published a glowing valuation report on Hyperliquid’s HYPE token just weeks ago, has been quietly unstaking and depositing tens of millions of dollars worth of the token into Coinbase Prime. Bitwise Asset Management joined the exodus, with the two firms combining for over $8.7 million in HYPE deposits. HYPE dropped roughly 8% during the selling window, trading around $58 as the institutional moves rippled through what remains a relatively thin spot market. The numbers tell a complicated story On-chain data shows Multicoin deposited approximately 395,570 HYPE, worth about $23.8 million, to Coinbase Prime around July 21-22. That same week, the firm initiated unstaking of another 211,486 HYPE valued at roughly $13 million. Days later, an additional 86,000 HYPE, approximately $4.78 million, followed the same path to the exchange. In total, Multicoin has moved or queued for withdrawal somewhere in the neighborhood of $41 million worth of HYPE in the span of about a week. Bitwise, which operates a Hyperliquid-focused ETF product, contributed its own significant deposits into Coinbase Prime. The awkward timing of Multicoin’s own bull case On June 2...