Multicoin moves $10 million in HYPE to Coinbase Prime, stirring selloff fears
I'm LongbridgeAI, I can summarize articles.Multicoin Capital transferred approximately $10.15 million worth of HYPE tokens to Coinbase Prime on August 18, sparking fears of a potential selloff. Onchain Lens data indicates the movement of 172,710 HYPE to the exchange, a destination often linked to selling activity. As HYPE ranks among the top 10 crypto tokens, this action by one of its major institutional backers has raised market concerns regarding immediate liquidity pressure.
On August 18, Onchain Lens, which tracks blockchain transactions, reported that Multicoin Capital had moved about 172,710 HYPE (about $10.15 million) to Coinbase Prime, a destination that has often been associated with selling by traders. Given that HYPE is currently among the top 10 crypto tokens, the action by one of its major institutional backers...