On-chain analysts said a suspected Multicoin-linked wallet sent about 397,500 HYPE to Coinbase, moved 93,000 HYPE to a new address, and requested redemption of roughly 211,000 staked HYPE.
A wallet allegedly or possibly linked to Multicoin Capital moved about 607,000 HYPE, worth roughly $37 million at cited prices, according to Odaily and PANews reports citing on-chain analysts EmberCN and Onchain Lens. Reported activity included about 397,500 HYPE routed through multiple addresses and deposited to Coinbase, 93,000 HYPE worth about $5.48 million sent to a new address on July 23, and about 211,000 staked HYPE on Hyperliquid requested for redemption. EmberCN said the tokens were reportedly acquired through Galaxy Digital OTC five months earlier at $30 each; at a cited current price near $61, that would imply a paper gain of about $18.8 million if sold. The movements and unstaking are commonly watched as possible signs of trading or sale preparation, but the reports did not confirm an executed sale for every token and the wallet attribution remains based on analyst identification rather than a public statement from Multicoin Capital.