Multicoin Capital: Offloads 607K HYPE to Coinbase

Multicoin Capital transferred 395K HYPE to Coinbase and unstaked 211K more from Hyperliquid, totaling 607K tokens valued at $37 million in a suspected exit.

The firm bought the position five months ago at $30 through Galaxy Digital OTC and now realizes roughly $18.8 million in gains at prevailing levels near $61.

Price action on the 4h chart shows HYPE at $59.14 inside the Bollinger Bands with upper resistance at $63.67 and lower support at $58.77; the EMA50 at $62.26 and EMA200 at $64.43 cap upside while MACD death cross at -0.57 keeps the structure bearish and RSI at 37.9 leaves room for further downside before any bounce.