A wallet allegedly associated with Multicoin Capital has converted a large amount of ETH into HYPE tokens. According to MLM's observation, a wallet suspected to be related to Multicoin Capital recently transferred a large amount of Ethereum into HYPE tokens. (Previously, Multicoin co-founder Kyle Samani transitioned to a consultant role, focusing on emerging technologies such as AI and robotics.) Starting from January 22, these wallets transferred 87,100 ETH (approximately $220 million) to a Galaxy Digital deposit address associated with Multicoin. On January 23, the day after the first deposit, Multicoin-associated wallets began receiving HYPE tokens from Galaxy. On January 26, Multicoin received 465,000 HYPE (approximately $16 million) for the first time, followed by approximately 990,000 HYPE (about $30.6 million) over the next five days. No other large on-chain transfers have been found so far, but more transfers may appear in the coming days. This move suggests that Multicoin may hold a large amount of ETH, but the specific situation still needs further confirmation.