Hyperliquid is facing a potentially significant supply event after Multicoin Capital transferred a substantial amount of $HYPE to Coinbase Prime while the token trades near its recent highs.
Over the past 12 hours, Multicoin Capital deposited a total of 261,555 $HYPE, worth approximately $21.7 million, to Coinbase Prime, according to on-chain data.
Multicoin Capital transfers 261,555 $HYPE to Coinbase Prime
The transfers occurred in three batches of 63,235 $HYPE, 101,144 $HYPE and 97,176 $HYPE. Their timing is notable. After surging from approximately $57 in the second half of August, $HYPE is currently trading at $82.93. The token entered a consolidation phase after recently reaching the $86–$87 range.
$HYPE/USDT Chart by TradingView
Coinbase Prime deposit increases potential sell-side liquidity
Large transfers to exchange-related addresses generally increase the likelihood that tokens are being prepared for sale. However, a Coinbase Prime deposit does not necessarily represent an executed market sale. Prime infrastructure can also support over-the-counter transactions, settlement and institutional custody.
As a result, the transfers are not proof that Multicoin Capital sold $21.7 million worth of $HYPE. Instead, they indicate that potential sell-side liquidity has increased. Institutional selling pressure on $HYPE may be approaching a peak.
$HYPE price faces resistance near $84–$87
The movement is worth monitoring because of the token’s technical structure. As buyers have encountered resistance, $HYPE has repeatedly formed upper wicks and failed to sustain its advance beyond approximately $84–$87.
A clean breakout could become more difficult if additional institutional supply is positioned around these levels. However, there is currently limited evidence of a significant technical breakdown. $HYPE remains well above its primary moving averages.
The two longer-term averages are positioned near $64.01 and $62.86, while the shortest major average on the chart is around $73.48. This leaves a substantial gap between structural support and the current spot price.
Momentum has also cooled without collapsing. After previously entering overbought territory, the relative strength index has declined toward 66, suggesting that some excess has left the rally while momentum remains comparatively strong.
The key level to watch is approximately $80. A loss of that level could accelerate profit-taking and expose the $76–$73 region. Conversely, absorbing the Multicoin-related supply while holding above $80 would signal strong underlying demand.
For now, the $21.7 million Coinbase Prime deposit represents a valid sell-risk signal. However, $HYPE’s price structure has not confirmed that institutional distribution is currently outpacing buyer demand.
