Did Multicoin Capital (@multicoin) just start selling HYPE? Yesterday, Multicoin requested to unstake almost 2M HYPE ($120M) and deposited 530k HYPE ($31.8M) into Coinbase. HYPE immediately dropped more than 3%, and several accounts claimed that Multicoin had sold those tokens and would likely sell the remaining 2M HYPE ($120M) once the unstaking process was complete. We analyzed the onchain activity to understand what is actually happening. The main lead is a group of four clusters that appear to belong to Multicoin and follow nearly identical patterns. 1) The first cluster, which supposedly “sold” 395k HYPE ($23.7M), is linked to 0xaB319403E72C5e97c65ef70031bab8827efc5297 This cluster bought 600k HYPE ($36M) from Galaxy roughly five months ago (image 1). Yesterday, it requested to unstake 210k HYPE ($12.6M), while the remaining 395k HYPE ($23.7M) ended up in this Coinbase Prime hot wallet 0x7e43ed8765e708E5c40Eb7d2f6eE9BdAE0Ff0E8B. 2) A second cluster follows a very similar pattern 0xCa292baAb13A6B97fC83bB142e689440Fd0812b8 It bought 740k HYPE ($44.4M) from Galaxy OTC four to five months ago (image 2). It later deposited 212k HYPE ($12.72M) into Coinbase Prime through 0xF6FdC24Ba91f2D46264C1ac5ffD9B7cE6627dDD6. The cluster still holds another 423k liquid HYPE ($25.38M). 3) A third cluster shows the same pattern 0xAB73C6A90E1BEdFD2169255A03EF79e3Db9F121A It received 539k HYPE ($32.34M) from Galaxy OTC four to five months ago. This attribution is particularly strong because the wallet later sent 500k HYPE ($30M) to the address Grayscale used to receive the HYPE related to its ETF seeding (image 3). 4) A fourth cluster did the same 0x6CD6D02d5Db383564Ddddd75F939f5b81971833F It received 540k HYPE ($32.4M) from Galaxy four to five months ago and later sent 500k HYPE ($30M) to the same Grayscale ETF related address (image 4). All four clusters share multiple connections and nearly identical funding patterns. This appears to confirm three things: 1/ Multicoin seeded the Grayscale ETF with 1M HYPE ($60M), which is likely locked for some time 2/Multicoin still holds more than 600k liquid HYPE ($36M) onchain and held another 600k HYPE ($36M) after requesting the recent unstaking that already sent to Coinbase Prime 3/ Most of the HYPE sent to Coinbase Prime appears to remain in fresh wallets rather than being immediately sold, suggesting that Coinbase Prime may just currently be custodying the assets If this interpretation is correct, the most likely outcome is that the nearly 2M HYPE ($120M) currently being unstaked will also be sent to Coinbase Prime once available. That raises the key question: if Multicoin intended to sell, why did they request to unstake almost 2M HYPE ($120M) before selling the more than 600k liquid HYPE ($36M) they already controlled? One possible explanation is that Multicoin is not selling. It may simply be moving the HYPE into Coinbase Prime to break the visible links between its known wallets before staking the HYPE again. We will know soon enough. If the unstaked HYPE is once again sent to Coinbase Prime and remains in fresh wallets, it would strongly support this hypothesis. Addresses holding liquid HYPE Deposited into Coinbase Prime: 0x1083a685A10eeA52147D94B2Fb4d94283f0adCD3 395k HYPE ($23.7M) 0x15002884d934005A579DB0440f345EA550f8c9Dd 212k HYPE ($12.72M) Still held onchain: 0x7190989B1B40Ac067CE251c959A8C665a43574b8 54k HYPE ($3.24M) 0x6CD6D02d5Db383564Ddddd75F939f5b81971833F 56k HYPE ($3.36M) 0xCa292baAb13A6B97fC83bB142e689440Fd0812b8 424k HYPE ($25.44M) 0xAB73C6A90E1BEdFD2169255A03EF79e3Db9F121A 77k HYPE ($4.62M)