Multicoin Capital unstaked 1.96 million HYPE as broader $150 million queue built

Multicoin Capital’s previously reported unstaking of about 1.96 million HYPE, worth roughly $120 million, has been followed by evidence of a larger withdrawal wave that also includes 2.92 million HYPE, worth around $171 million, linked by on-chain monitors to Paradigm. Together, the two funds account for about $291 million of unstaked HYPE, a sum described as roughly 85% of the token’s daily trading volume, amplifying market concern after HYPE slipped below $60 and traded around $58, about 2% lower on the day and roughly 24% below its June record of $76.70. Multicoin cofounder Tushar Jain said the fund did not unstake to sell, arguing that institutions rotate wallets for privacy because their holdings are closely tracked on-chain. Wallet analysis cited by market observers indicated the unstaked tokens were moved into custody rather than sent to market for sale, with some Multicoin-related transfers going to Coinbase Prime and about 1 million HYPE from one linked group sent to Grayscale to help seed its Hyperliquid ETF, HYPG, which began trading on Nasdaq in June. Hyperliquid’s roughly seven-day unstaking process means most of the tokens are expected to unlock near the end of July, leaving investors focused on whether major holders restake, hold or sell once the waiting period expires.