Multicoin Capital managing partner Tushar Jain said the firm’s decision to unstake a large amount of HYPE on the previous day was not part of a plan to sell the asset. In a post on X, Jain said institutional fund movements are continuously tracked on-chain, which forces the team to rotate wallets on a regular basis. He added that this is also why Multicoin Capital remains bullish over the long term on ZAMA and ZEC.
The statement followed an earlier report cited by Foresight News from on-chain watcher Ember, which said addresses suspected to be linked to Multicoin Capital were selling 607,000 HYPE worth about $37 million. According to that monitoring update, 395,000 HYPE had been transferred to Coinbase about four hours earlier, while a request was also made to redeem 211,000 HYPE that had been staked on Hyperliquid.
Multicoin Capital managing partner Tushar Jain said in a post on X that the firm unstaked a large amount of HYPE yesterday, but the move was not intended to sell the asset.
Jain said institutional fund flows are tracked on-chain on an ongoing basis, forcing the team to rotate wallets regularly. He said this is also why Multicoin Capital holds a long-term positive view on ZAMA and ZEC.
Earlier monitoring pointed to suspected Multicoin-linked selling
Foresight News had earlier cited monitoring from Ember saying that addresses suspected to be related to Multicoin Capital were selling 607,000 HYPE, worth about $37 million.
According to that update, 395,000 HYPE were transferred to Coinbase four hours earlier, and a request was submitted to redeem another 211,000 HYPE staked on Hyperliquid.
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