Hyperliquid Whales Continue Large Coinbase Transfers

On-chain data flagged by Lookonchain shows two prominent institutional players moving significant amounts of Hyperliquid's native $HYPE token to Coinbase Prime within a 15-hour window, adding to a growing pattern of large exchange deposits from major holders.

Multicoin Capital deposited another 137,100 HYPE, worth approximately $7.51 million, into Coinbase Prime. Bitwise followed with a transfer of 22,463 HYPE, valued at roughly $1.23 million. The moves are the latest in a series of institutional transfers that have kept $HYPE under selling pressure in recent weeks.

A Pattern of Institutional Outflows

The latest transfers are not isolated. Multicoin Capital unstaked a large HYPE position on July 22, 2026, with on-chain analysts tracking approximately 1.96 million HYPE worth $120 million leaving staking across three wallets associated with the firm. One labeled wallet sent 395,570 HYPE to Coinbase Prime as part of that earlier wave.

Bitwise has also been an active mover. Bitwise's BHYP Hyperliquid ETF transferred 39.31K HYPE tokens valued at roughly $2.13 million to Coinbase in one recent move, bringing cumulative outflows to 280.69K HYPE over recent weeks.

The optics are complicated by Multicoin's own published research. 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, implying over 400% upside from trading levels at the time.

Selling Signal or Portfolio Management?

Large deposits to a centralized exchange are widely read as a precursor to selling, but analysts urge caution. The Coinbase Prime deposit is a stronger selling signal than unstaking alone, but it still falls short of proof. Coinbase markets Prime as a platform combining trading, financing, and qualified custody, meaning an institutional deposit can support execution or custody without revealing which function the client intends to use.

Large wallet movements to exchanges often precede sell-offs, but on-chain analysts have cautioned that a Coinbase deposit and an unstaking request alone are not definitive proof of an actual sale. The tokens could be moved for purposes such as collateral management, custody changes, or liquidity provisioning.

Despite the pressure, some firms remain constructive on $HYPE. Grayscale said that HYPE is undervalued at a 15x to 18x valuation multiple compared to Circle and Coinbase stocks, and that the token still looks cheap compared to fintech equities despite its gains this year.

Sources:
Memeburn: Multicoin Capital Unstakes $120M HYPE
Crypto Briefing: Institutions Sell HYPE as Multicoin Capital Deposits $8M into Coinbase Prime
AMBCrypto: Why Grayscale Thinks Hyperliquid's HYPE Is Still Cheap Despite Institutional Sell-Off