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Since Multicoin Capital transferred a significant amount of $HYPE to Coinbase Prime while the asset is trading near its recent highs, Hyperliquid is facing a potentially significant supply event. Over the course of the last 12 hours, Multicoin Capital deposited a total of 261,555 $HYPE, or roughly $21.7 million, to Coinbase Prime, according to on-chain data provided.
Hyperliquid breaks the ceiling
The transfers took place in three batches: 63,235 $HYPE, 101,144 $HYPE, and 97,176 $HYPE. The transactions stand out in particular because of the timing. After an incredible surge from roughly $57 in the second half of August, $HYPE is currently trading at $82.93. The token entered consolidation after recently reaching the $86–$87 range.
The likelihood that coins are being prepared for sale usually increases with large transfers to an exchange-related address. A Coinbase Prime deposit should not be taken as an executed market sale, though. Additionally, prime infrastructure can support OTC, settlement, and institutional custody.
Sell-side liquidity surges
Therefore, rather than being evidence that Multicoin has dumped $21.7 million worth of $HYPE, the transfers indicate increased potential sell-side liquidity. Institutional pressure on $HYPE is close to its peak. The movement is worthwhile to watch because of its technical structure. As buyers run into resistance, $HYPE has repeatedly produced upper wicks, having failed to sustain its rally past approximately $84–$87.
A clean breakout may be more challenging if there is more institutional supply around these levels. However, there is not yet much indication of a significant technical breakdown. $HYPE is still well above its primary moving averages.
The following averages stay around $64.01 and $62.86, while the shortest major average on the chart is located around $73.48. This leaves a significant gap between structural support and spot price.
Additionally, momentum has cooled without crumbling. After previously entering overbought territory, the RSI has dropped toward 66, indicating that the rally is losing some excess while still remaining comparatively strong. The level to watch right now is approximately $80. Losing it might accelerate profit-taking and reveal the $76–$73 area.
On the other hand, absorbing the Multicoin-related supply while holding $80 would demonstrate significant underlying demand. The $21.7 million Coinbase Prime deposit presents a valid sell-risk signal for the time being, but $HYPE's price structure has not yet confirmed that institutional distribution is outpacing buyers.