Multicoin Capital Moves Millions More in HYPE — Is Selling Pressure Building?

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Multicoin Capital keeps sending HYPE to Coinbase Prime. Three fresh transfers landed within few hours, worth roughly $10.35 million, $11.42 million, and $4.96 million. 

That’s over $26 million in a single stretch, part of a much longer pattern.

The Pattern Behind the Transfers

Arkham Intelligence’s tracker shows the full history of these wallets. The feed lists 73 separate transfers, most following the same route from Multicoin-linked wallets to Coinbase Prime deposit addresses. 

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Some go back six days. Others go back two weeks. Arkham has previously noted that Multicoin held roughly 4 million HYPE at its peak and now holds just over a quarter of that. 

A single Coinbase Prime deposit doesn’t confirm a sale. But a pattern repeating dozens of times over weeks looks less like custody shuffling and more like a steady wind-down.

A Familiar Signal From Bitcoin’s Own History

Exchange inflows from major holders tend to draw the same kind of scrutiny regardless of the asset. 

Bitcoin saw a similar spike in inflows near $75,000 earlier this year, a move analysts read as a sign that large holders were preparing to sell into strength. 

The mechanics are the same here: a token trading well off its highs, and a known institutional holder moving supply toward an exchange in visible, repeated batches.

The Weekly Chart Shows Cooling Momentum

A TradingView weekly chart for HYPE/USD created on September 15, 2026, at 11:54 UTC shows the pair at $78.98, down 1.71% on the week. 

The chart’s high reached $89.65 before pulling back. The RSI Divergence Indicator sits at 62.71, still elevated but well off its earlier peak. 

Price has drifted lower since topping out, even as the broader trend from earlier in the year remains intact.

Whale Selling Doesn’t Always Mean What It Looks Like

Not every large exchange deposit turns into a market sale. Institutional whale accumulation across several assets, including HYPE, was a defining feature of the market earlier this year.

This shows that big wallets move token amounts for many reasons beyond exiting a position. 

Still, the scale and frequency of Multicoin’s transfers stand out. With HYPE already down from its highs and one of its largest early backers still sending tokens to exchanges, the next few sessions will likely show whether this supply gets absorbed or starts to weigh more heavily on price.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.