On-chain monitor EmberCN said a wallet believed to be tied to Multicoin Capital is selling 607,000 HYPE, a position worth about $37 million at current prices. Activity from the address, which starts with 0xaB3, showed that 395,000 HYPE were transferred to Coinbase around four hours earlier, while a request was also made to redeem 211,000 HYPE that had been staked on Hyperliquid. According to the monitoring update, the tokens were acquired five months ago through Galaxy Digital OTC at a price of $30 per HYPE. Of that amount, 210,000 HYPE were placed into staking and 395,000 HYPE remained in the wallet. Based on a current HYPE price of $61, the position is sitting on an estimated profit of $18.8 million. The update attributes the observation to EmberCN and does not include any public confirmation from Multicoin Capital.
According to on-chain monitor EmberCN, a wallet believed to be associated with Multicoin Capital is selling 607,000 HYPE, a position valued at about $37 million at the current price.
The address, which begins with 0xaB3, moved 395,000 HYPE to Coinbase about four hours earlier and also requested the redemption of 211,000 HYPE that had been staked on Hyperliquid.
How the position was built
EmberCN said the HYPE was bought five months ago through Galaxy Digital OTC at $30 per token. Of the total, 210,000 HYPE were deposited into staking, while 395,000 HYPE remained in the wallet.
At a current HYPE price of $61, the estimated profit on the position is about $18.8 million.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
