Multicoin Capital, the venture firm that published a glowing valuation report on Hyperliquid’s HYPE token just weeks ago, has been quietly unstaking and depositing tens of millions of dollars worth of the token into Coinbase Prime. Bitwise Asset Management joined the exodus, with the two firms combining for over $8.7 million in HYPE deposits.
HYPE dropped roughly 8% during the selling window, trading around $58 as the institutional moves rippled through what remains a relatively thin spot market.
The numbers tell a complicated story
On-chain data shows Multicoin deposited approximately 395,570 HYPE, worth about $23.8 million, to Coinbase Prime around July 21-22. That same week, the firm initiated unstaking of another 211,486 HYPE valued at roughly $13 million. Days later, an additional 86,000 HYPE, approximately $4.78 million, followed the same path to the exchange.
In total, Multicoin has moved or queued for withdrawal somewhere in the neighborhood of $41 million worth of HYPE in the span of about a week.
Bitwise, which operates a Hyperliquid-focused ETF product, contributed its own significant deposits into Coinbase Prime.
The awkward timing of Multicoin’s own bull case
On June 25, barely a month before these deposits began, Multicoin published a valuation report projecting a base-case price of $319 for HYPE by 2028. That implied over 400% upside from trading levels at the time.
The report positioned HYPE as one of Multicoin’s largest liquid fund holdings. The firm had built its position through aggressive early accumulation in 2025, including a swap from ETH to HYPE valued at roughly $46 million.
Publishing a moonshot price target and then moving $41 million worth of that same token to an exchange within 30 days is the kind of thing that erodes trust, even if every individual decision is perfectly rational.
Liquidity pressure mounts
Nearly $150 million in funds are reportedly queued for withdrawal from staked positions. Multicoin’s activity represents a sizable chunk of that total.
The current range between $55 and $58 reflects the market trying to price in both the near-term selling pressure and whatever longer-term thesis firms like Multicoin still hold.
The unstaking queue itself introduces a time delay, which means the full impact of these withdrawals hasn’t materialized yet.
What this means for investors
Bitwise’s involvement adds another dimension. As an asset manager with ETF products, its deposit decisions could reflect client redemption flows rather than a view on HYPE’s long-term prospects.