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HYPE Multicoin Capital deposited US$21.7 million in HYPE into Coinbase Prime, close to an all-time high
Hyperliquid's native token HYPE has become the focus of the market after Multicoin Capital shifted a major position to Coinbase Prime, sparking speculation about potential supply pressures. On-line data shows that in the past 12 hours, Multicoin Capital has transferred a total of 261,555 HYPEs worth approximately US$21.7 million to this platform, which focuses on institutional services.
Large-scale transfers attract market attention
These transactions were carried out in three batches: 63,235 HYPEs, 101,144 HYPEs, and 97,176 HYPEs. The transfer was particularly eye-catching because of its huge size and delicate timing-at a time when HYPE was trading near all-time highs after a strong rally.
HYPE has recently consolidated near highs after soaring from around US$57 in late August, reaching a high range of US$86 to US$87 at the peak and is currently at US$82.93. The asset's brief rest has traders watching closely whether it can maintain its upward momentum.
The flow of funds from funds to exchange-linked addresses often means preparation for a large sell-off. However, depositing tokens into Coinbase Prime does not necessarily mean immediately selling them on the market, as the platform also provides over-the-counter trading, clearing, and institutional custody services.
Technical and structural factors
Chain observers point out that these deposits do not directly confirm selling, but increase the likelihood of liquidity in the near term. From a technical perspective, HYPE's structure is still strong, but faced with rising institutional pressure, recent resistance levels make further breakthroughs more difficult.
Buyers have repeatedly encountered upper hatches on the price chart, indicating that it is difficult to maintain gains above the $84 to $87 range. Despite intensified institutional participant activity, HYPE remains well above its main moving averages-key structural support at $64.01 and $62.86, and its most recent main moving average at $73.48. This range creates a considerable buffer between support and current spot prices.
The momentum has weakened, but the upward trend remains intact. HYPE's Relative Strength Index (RSI) once entered overbought territory and then fell back to around 66, indicating that market enthusiasm has cooled, but potential strength remains. Market participants currently view the US$80 support level as a critical node. A break below this zone could accelerate profit-taking and put the $76 to 73 range into focus.
Institutional capital flows and Web3 innovation
Echoing technical indicators and changing transaction dynamics, traditional market participants are increasingly adopting on-chain solutions. Although the traditional financial system relies on complex intermediaries, a major change is taking place as institutions move to the Web3 model. Investors can now use certain platforms to hold tokenized real-world assets directly in crypto wallets, including stocks of leading U.S. companies, gold and silver. This model enables faster and more direct execution by automatically obtaining the best market price and tokenizing real-world assets, eliminating middlemen.
The $21.7 million transfer from Multicoin to Coinbase Prime does not mean immediate selling pressure, but rather suggests an increase in potential liquidity near recent highs. HYPE's price structure remains above the main moving average, and a clear break below US$80 will aggravate the short-term downside risks to the token.
If the increased supply from Multicoin Capital is absorbed by the market and HYPE holds on to US$80, it indicates strong underlying demand. Current outlook recommendations remain highly vigilant until the price structure confirms that institutional selling exceeds market buying, but no trend reversal is confirmed.
