Multicoin Capital transferred 261,000 HYPE, valued at $21.7 million, to Coinbase Prime within nine hours, according to on-chain monitoring by analyst 余烬. The transaction is part of a broader movement from the 1.97 million HYPE the firm redeemed from staking (locking crypto to earn rewards) in late July. Of that amount, 1.551 million HYPE, worth $114 million, has moved to Coinbase Prime over the past month at an average price of $73.