HYPE price falls as Multicoin Capital moves $12.15M to Coinbase Prime

Multicoin Capital has deposited another 130,331 HYPE worth $12.15 million into Coinbase Prime, bringing its transfers to the institutional platform since July 28 to 4.23 million tokens valued at $285 million.

Onchain analytics platform Lookonchain reported the latest transaction on Sept. 24, saying the deposit came after a one week break in similar transfers from the crypto investment firm. The movement does not confirm that Multicoin sold the tokens, since a deposit into Coinbase Prime can be used for custody or trading and does not show what happened to the assets afterward.

After a one-week break, #MulticoinCapital deposited another 130,331 $HYPE ($12.15M) into #CoinbasePrime.

Since July 28, #MulticoinCapital has deposited a total of 4.23M $HYPE ($285M) into #CoinbasePrime.https://t.co/xlQobo8mjn pic.twitter.com/ehjSl1Eyh0

— Lookonchain (@lookonchain) September 24, 2026

HYPE was trading near $92.50 at the time of writing, down roughly 4% over the past 24 hours, according to Coinbase data. The token remained around 17% higher than a week earlier after reaching a record $97.99 on Sept. 23.

Multicoin Capital HYPE deposits have reached $285 million

Lookonchain said Multicoin has deposited a combined 4.23 million HYPE into Coinbase Prime since July 28. Based on the values recorded at the time of each transaction, the transfers were worth approximately $285 million.

The latest 130,331 HYPE transaction represents roughly 3.1% of the total number of tokens moved to Coinbase Prime during that period.

Multicoin’s transfers have drawn attention because of its previous position on Hyperliquid. In June, crypto.news previously reported that the investment firm had made HYPE one of the largest positions in its liquid fund after accumulating the token since February. The firm outlined a base case in which HYPE could reach $319 by 2028.

Its valuation was based partly on Hyperliquid’s revenue and trading activity. Multicoin said the platform generated roughly $873 million in revenue from around $2.9 trillion in trading volume during 2025, while its user base grew from approximately 301,000 to 923,000.

The firm pointed to Hyperliquid’s token economics as another part of its thesis. Around 99% of protocol revenue was being used to repurchase HYPE, according to Multicoin’s June analysis, while Hyperliquid had no separate equity layer competing with token holders for the protocol’s economics.

At the same time, Multicoin identified regulation, competition, governance, decentralization and potential bad debt among the risks that could affect its projections.

Coinbase Prime transfers do not confirm HYPE sales

Sending HYPE to Coinbase Prime can place the tokens within infrastructure that institutional investors use for execution and custody, but the transaction alone does not establish that the assets have been sold.

A similar situation emerged in late July when another large holder moved HYPE to FalconX and Coinbase Prime after previously unstaking the tokens. The wallet had acquired 1.02 million HYPE at an average price of approximately $18, according to Lookonchain.

HYPE fell below $55 around the same period as the transfer, though the market was dealing with several factors, including weakness across crypto prices and the rollout of permissionless HIP 4 deployments on Hyperliquid’s testnet. The earlier report noted that moving tokens to institutional trading platforms did not prove that a sale had occurred.

Multicoin itself had substantial HYPE exposure earlier in the year. Arkham flagged three wallets it associated with the investment firm that had staked roughly 1.96 million HYPE on HyperCore in May, worth around $82 million at the time. The wallets collectively held roughly 2.83 million HYPE valued near $118 million.

The latest Coinbase Prime movement therefore provides evidence that another batch of Multicoin linked HYPE has been transferred to the institutional platform, while the available onchain data cited by Lookonchain does not establish whether those tokens were subsequently sold.

HYPE price pulls back after reaching a record

Multicoin’s latest transfer has arrived shortly after HYPE set a new record.

Coinbase data showed HYPE reached an all time high of $97.99 on Sept. 23 before pulling back to around $92.50 on Sept. 24. Despite the daily decline, the token remained approximately 17% above its level from one week earlier.

The rally had already gathered pace earlier in September. HYPE reached a previous record of $92.56 on Sept. 18 after Hyperliquid introduced manual USDC and USDT borrowing against HYPE and Bitcoin collateral.

Under the lending system, users can supply HYPE or Bitcoin and borrow stablecoins against the collateral. HYPE carries a 65% loan to value ratio, compared with 50% for Bitcoin.

The rise came after the market absorbed a large scheduled token release earlier in the month. Hyperliquid released approximately 9.92 million HYPE on Sept. 6, valued at roughly $820 million when the token was trading around $82.60.

Historical exchange flow data showed that unlocked supply had not automatically translated into equivalent selling. Following a previous March 2026 unlock, only around 1.75% of the released tokens reached exchanges during the following 30 days, according to an analysis of HYPE unlocks.

The September release made tokens claimable by core contributors and ecosystem participants whose allocations had been subject to vesting schedules. Unlocking the assets did not require recipients to sell them.

Hyperliquid open interest has reached a record $18 billion

Trading activity on Hyperliquid has continued to grow while HYPE trades close to its record price.

Hyperliquid’s open interest reached $18 billion on Sept. 23, setting a record and moving above the previous high of $16.36 billion recorded on Sept. 19. The figure stood above $13 billion at the end of August, putting roughly $5 billion more in outstanding positions on the platform within a few weeks.

Bitcoin, Ether and HYPE accounted for approximately $9.33 billion of that open interest. Activity has spread beyond crypto markets through Hyperliquid’s HIP 3 framework, which allows third parties to stake HYPE and launch perpetual markets tied to other assets.

Markets created through HIP 3 now include contracts linked to U.S. stocks, gold, crude oil, the S&P 500 and private companies. Lookonchain reported that cumulative trading volume across HIP 3 markets had surpassed $548 billion by early September, while the segment represented roughly 30% of Hyperliquid’s trading volume over the preceding 30 days.

Hyperliquid has continued using protocol revenue for HYPE purchases as trading activity has grown. OnchainLens data cited by Lookonchain showed that 32,770 HYPE worth approximately $2.65 million was repurchased and burned during a 24 hour period ending Sept. 12, at an average price of $81.01.

Cumulative burns had reached roughly 48.57 million HYPE at that point, equivalent to approximately 4.86% of the token’s maximum supply.