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BTC 
HYPE Multicoin Capital reduced its HYPE position by another 10%, and its current holdings are only one-quarter of the peak.
According to blockchain analysis platform Arkham Intelligence, Multicoin Capital has once again sold 10% of its HYPE tokens. Despite this, HYPE remains the agency's largest held asset, currently worth approximately $90.5 million.
The investment institution gradually opened a position between February and March this year and has held the position for more than six months.
Reduce holdings of HYPE
Arkham pointed out that Multicoin once held 4 million HYPE units at a peak, but its current position is only a little more than 25% of that figure. Earlier this week, the agency transferred a large number of tokens to Coinbase Prime. Online data shows that there were three separate transfers, totaling 261,555 HYPEs, worth approximately US$21.7 million. These three transfers contained 63,235, 101,144 and 97,176 tokens respectively. These transfers attracted attention because they occurred at a time when the trading price of the crypto asset was near recent highs.
In June this year, Multicoin predicted that HYPE would reach US$319. The target price is based on a 20-fold valuation of expected 2028 earnings of US$8 billion, corresponding to a valuation of US$160 billion based on an adjusted supply of approximately 502 million HYPE tokens. The benchmark assumptions are that crypto derivatives trading volume grows by 35% annually, decentralized exchanges (DEX) account for 32% of the derivatives market, Hyperliquid captures 30% of the market, and USDC balances grow in tandem with trading volume.
On the other hand, in its pessimistic scenario, the price of HYPE is US$109, while in an optimistic scenario, based on expected cash flow of US$17.3 billion, the price can reach US$689. In the same report, Multicoin also compared Hyperliquid's growth path with Binance's rapid rise in 2017.
HYPE was one of the best performing assets this year, with extremely strong gains. The asset has risen 50% in the past month alone and has recently hit a record high of $86.71. Although there has been a slight correction since then, the price still hovers above $82.
Hyperliquid was also mentioned at a meeting between Trump and leading crypto executives at the White House last month. Trump said Michael Selig, Chairman of the Commodity Futures Trading Commission (CFTC), is working to bring the trading platform, which focuses on perpetual contracts, to the United States. He said the goal was for Hyperliquid to operate in a "fully compliant and legal manner." The meeting also discussed Bitcoin, the Digital Asset Markets Clarification Act and related efforts to expand crypto activities in the United States.
A callback is imminent?
Although the overall outlook remains optimistic, one trader is betting that prices will fall. The pseudonym market observer "swarmik" expressed a bearish view on the token. The trader said that based on a four-hour chart pattern, prices could fall by 17.2%, pointing to signs of weakness in the market structure. A lot of selling liquidity could push prices further lower.
However, a potential correction could create opportunities for short positions, with downside targets of $76.77,$72.68 and $68.49, respectively. According to analysis, the risk-reward ratio of this transaction is 1.5R.
