Multicoin Capital just unstaked $120M of HYPE. Another $241M is already queued to follow.
A VC moving $23.78M to Coinbase Prime after a two-month lock looks like profit-taking. The $241M queue behind it has not cleared yet.
CryptoVibe Desk · hyperliquid · hype · multicoin-capital
- →Multicoin Capital unstaked 1.96 million HYPE, worth about $120M, and moved $23.78M to Coinbase Prime.
- →HYPE fell below $60 after the move. Another $241M in pending unstakes could add more selling pressure.
- →The number to watch is $52 within two weeks. A daily close below it would confirm the bearish setup.
- unstaking → Unlocking tokens that were previously locked to earn rewards. There is usually a waiting period before they are free to sell.
- Coinbase Prime → Coinbase's institutional trading platform, used by funds and large traders to move and convert large crypto positions.
Multicoin Capital unstaked 1.96 million HYPE across three wallets today, per Onchain Lens data cited by AMBCrypto. That is roughly $120 million at current prices. The firm then moved 395,570 HYPE, worth $23.78 million, into Coinbase Prime, Lookonchain reported.
The bet here is simple: the exit matters because the next queue is bigger. HYPE fell 6.11% on the day to $59.28, per AMBCrypto. The token broke below $60, a level that had been holding.
The only number that matters right now: 4.09 million HYPE, worth $241 million, is pending unstake from other stakers. AMBCrypto cited Hyperscreener for that figure. That supply has not reached the market yet. If you hold HYPE, that queue is the overhang.
One counter-signal came in the same window. A wallet dormant since November 2025 returned and staked 387,800 HYPE, worth $23.42 million, across two wallets. Onchain Lens data cited by AMBCrypto shows the address now holds 1.006 million HYPE staked in total.
That is one buyer entering while Multicoin exits. Still, 438.7 million HYPE remains staked, equal to 43.9% of total supply. The broad base has not moved yet. Multicoin did, and the queue is real.
Next support to watch is $52, per AMBCrypto.
Multicoin's choice to send $23.78M to Coinbase Prime turned a fund exit into a public on-chain signal. The break below $60 is partly on that decision.
Watch HYPE over the next two weeks. A daily close below $52 while the $241M pending-unstake queue shrinks would confirm the bearish setup.
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