Multicoin Capital: Unstakes 1.97M HYPE to Coinbase

Multicoin Capital unstaked 1.97 million HYPE tokens valued at $108 million after a seven-day pending period and routed 86,000 HYPE worth $4.78 million into Coinbase Prime within hours. The fund had already shifted 395,000 HYPE worth $37 million to Coinbase one week earlier while simultaneously requesting additional unstakes from Hyperliquid. These tokens were acquired five months ago at roughly $30 through Galaxy Digital OTC, locking in near-double returns at current levels. HYPE has dropped 10 percent over the past week from $61 to $55.12 amid the heavy flows.

Price action on the four-hour chart shows HYPE trading inside the Bollinger Bands with upper resistance at $61.38 and lower support at $53.62. The EMA50 at $58.45 and EMA200 at $62.15 both act as firm overhead resistance while the MACD death cross at -1.06 confirms the bearish trend structure. With RSI at 35.21 still neutral, the setup points to continued pressure toward the lower band support before any relief bounce materializes.