Multicoin Capital, Bitwise move HYPE to Coinbase after Hyperliquid unstaking

On-chain trackers reported fresh HYPE transfers involving Multicoin Capital and Bitwise that are drawing attention as possible exchange inflows. According to Onchain Lens, Multicoin received 1.29 million HYPE worth about $71.1 million from Hyperliquid after previously unstaking the tokens, a process that requires a seven-day wait before staked balances return to spot balances. Lookonchain separately reported that over the past 10 hours Multicoin sent 137,100 HYPE worth about $7.51 million to Coinbase Prime, while Bitwise transferred 22,463 HYPE worth roughly $1.23 million to Coinbase. An earlier report also cited Multicoin sending 101,300 HYPE worth about $5.6 million to Coinbase. Large transfers to exchanges can precede selling, but they can also reflect rebalancing, custody changes, lending, or other portfolio management activity.