Multicoin Capital Has Sold 75% of Its Hyperliquid (HYPE) Peak Position

Multicoin Capital Trims HYPE Holdings

Multicoin Capital has disposed of roughly 75% of the Hyperliquid (HYPE) position it assembled earlier this year, on-chain data shows, even as the venture firm remains one of the token's most vocal institutional backers. The latest reduction came in recent days, when the firm sold about 10% of its remaining stack; on-chain analytics now value what is left at approximately $90.5 million — still Multicoin's single largest on-chain holding. The firm accumulated aggressively in February and March, building the position to a peak of around 4 million HYPE, and what remains today is roughly a quarter of that summit. The pace of the selling has drawn attention precisely because the token has been one of the market's strongest performers, running from $57 to an intraday high near $88 earlier this week before consolidating in the low $80s. Multicoin has not framed the sales as an exit. In an investment report published on June 25, the firm disclosed it had built a large position early in the year and that HYPE ranked among the largest assets in its liquidity fund. Co-founder and chief investment officer Tushar Jain laid out the rationale in an interview last month, calling the position “the most optimistic and exciting part of the portfolio” from a margin standpoint. His thesis rests on the Hyperliquid protocol's evolution beyond a perpetual futures exchange: once the venue supports cross-margin trading, he argued, selling each additional financial product to existing users becomes materially easier, and HIP-3 — the framework that extends contract trading to third-party market creators — amounts to genuine platformization. Value capture, in his framing, flows straight to the token: protocol revenue is routed into HYPE buybacks, and operators who launch HIP-3 venues must stake HYPE to do so. Equity, commodities, options and prediction markets on a single collateral account is, in his words, exposure to every asset, anywhere.

HYPE Outperforms the Majors

HYPE's resilience against a soft tape is the context that makes the profit-taking notable. The token spent months inside a descending channel before breaking above its upper boundary and clearing the $75-77 resistance zone in succession, a move that delivered gains of roughly 50% in a single month. It tagged $88 during Monday's session, then surrendered part of the advance and changed hands just above $82 in Asian hours on Thursday, down a modest 0.73% on the day. That was enough to keep it in rare company: over seven days, ether lost nearly 4%, XRP roughly 3% and bitcoin about 1%, leaving HYPE and zcash — at $817 — as the only majors still holding weekly gains. In Asian morning hours Thursday, XRP led the majors near $1.36 with a gain of almost 3%, while BNB added close to 2% to just under $692 — breadth that underscores how selective this week's strength has been. The macro backdrop is doing some of the work. Bitcoin briefly tested the mid-$76,000s, where buyers defended the roughly $76,350 average cost basis of active investors, while spot bitcoin ETFs shed about $236 million over the past week and stablecoin supply stalled near $310 billion — a mix that research analysts at Nansen describe as a rebound still lacking confirmation from spot flows. Rate expectations add another variable: markets price September Federal Reserve hike odds near 66% ahead of Friday's nonfarm payrolls report, with downside protection clustered between $68,000 and $75,000 across the payrolls-to-CPI window. Institutional plumbing around the token keeps widening in parallel. Hashdex's NCIQ ETF added HYPE with a 3.4% weighting, Coinbase rolled out the 1:1 custodially backed wrapped token cbHYPE on Base, and an anonymous whale recently picked up 430,224 HYPE — about $35.1 million — in a single clip. For a practical walkthrough of the venue, see our guide on How to Trade on Hyperliquid. Readers tracking the market in real time can follow live spot and futures prices on Gate.

Greed Reading Frames the Outlook

The arc here is a familiar one: early backers distributing into strength while the market keeps bidding. COINOTAG's Hyperliquid coverage has tracked both sides of that trade, and our aggregate data shows a Fear & Greed Index of 65 (Greed) across a tracked universe of about $2.27 trillion, with Bitcoin at 68.9% dominance. Friday's payrolls print sets the tone.