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Multicoin says HYPE unstaking was wallet rotation as Paradigm also withdraws tokens

Multicoin says HYPE unstaking was wallet rotation as Paradigm also withdraws tokens

Paradigm and Multicoin unstaked 4.88 million HYPE worth about $291 million, but Multicoin’s Tushar Jain said its move was not a sale and highlighted institutional demand for on-chain privacy.

HYPE
ZEC

Fact Check
The primary source — Tushar Jain's own X post — states verbatim that Multicoin unstaked a large slug of HYPE and 'did not unstake to sell,' attributing the action to wallet rotation for privacy. This is directly confirmed by two independent news aggregators (CoinNess and PANews). CoinNess additionally corroborates the analyst (EmberCN) flag about a suspected Multicoin address showing signs of offloading ~607,000 HYPE (~$37M), matching the claim's details.
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Summary

Paradigm and Multicoin Capital unstaked a combined 4.88 million Hyperliquid HYPE tokens worth about $291 million within days of each other, drawing attention because the amount is about 85% of HYPE’s daily trading volume and the token slipped below $60. On-chain tracker Onchain Lens said Paradigm unstaked 2.92 million HYPE worth around $170 million on July 24 after about eight months, while Multicoin unstaked 1.96 million HYPE valued at roughly $120 million two days earlier. Multicoin co-founder Tushar Jain said, “We did not unstake to sell,” describing the move as wallet rotation driven by constant on-chain surveillance of fund flows, and said that concern supports his bullish view on Zama and Zcash as institutional privacy tools. Hyperliquid’s unstaking process includes an approximately seven-day delay before tokens can be transferred, so markets are watching whether the tokens are restaked, held or sold once they become liquid, alongside an August 6 core team token unlock.

Terms & Concepts
  • unstaking: Withdrawing tokens from a staking arrangement so they are no longer locked for rewards or participation.
  • wallet rotation: Moving assets between crypto addresses, often for operational management or privacy reasons.
  • on-chain privacy: Tools or systems designed to reduce the public visibility of blockchain transactions and holdings.