Multicoin-linked wallet deposits $5.6 million in HYPE to Coinbase after unstaking

Institutional HYPE transfers into Coinbase-linked venues have expanded, with Multicoin Capital moving or queuing roughly $41 million worth of the token over about a week and Bitwise also sending tokens to Coinbase-related venues. On-chain data cited in the latest report shows Multicoin deposited about 395,570 HYPE worth roughly $23.8 million to Coinbase Prime around July 21-22, began unstaking another 211,486 HYPE valued at about $13 million that same week, and later sent an additional 86,000 HYPE worth about $4.78 million to the same venue. More recently, OnchainDataNerd said Multicoin deposited 137,100 HYPE worth about $7.51 million to Coinbase Prime in the past 12 hours, while Bitwise sent 22,463 HYPE worth about $1.23 million to Coinbase, bringing that latest combined leg of transfers to 159,563 HYPE valued at about $8.74 million. The moves come after earlier reports of a Multicoin-linked wallet depositing 101,340 HYPE worth $5.6 million into Coinbase and other HYPE transfers flagged by EmberCN, Lookonchain and Onchain Lens following Hyperliquid's seven-day unstaking delay. HYPE fell roughly 8% during the latest selling window and was trading around $58, while nearly $150 million was reportedly queued for withdrawal from staked positions, suggesting additional supply could still reach the market.