Hyperliquid’s native token HYPE touched a fresh all-time high above $77 at the same time venture firm Multicoin Capital kept shuffling large batches of the token into Coinbase Prime.
Key Takeaways
HYPE hit an all-time high of $82 yesterday, up 38% over the past week.Multicoin Capital moved 308,884 HYPE, worth $19.8 million, to Coinbase Prime.Trump’s CFTC comments fueled HYPE’s rally on August 19-20, even as sell-pressure concerns persist.The surge can quite clearly be linked back to August 19, when President Donald Trump said the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the United States “in a fully compliant and legal manner.”
Multicoin’s Coinbase Prime Deposits Raise QuestionsOn August 20 alone, a Multicoin-linked wallet sent 308,884 HYPE, worth roughly $19.8 million, to Coinbase Prime in a seven-hour window, followed by a 172,710 HYPE deposit worth about $10.15 million and a smaller 62,700 HYPE batch worth $4.37 million around the same period.
The firm has now moved more than $100 million in HYPE into Coinbase Prime since February 2026, marking one of Multicoin’s largest liquid crypto positions. HYPE traded between roughly $55 and $70 for much of the summer, and comparable large deposits in July correlated with declines of around 8% in the token’s price, suggesting the market has learned to watch Multicoin’s wallets closely.
What’s Next for HYPEWhether that offsets Multicoin’s continued Coinbase Prime deposits may decide if HYPE holds its record levels or retraces. Traders are also watching whether the CFTC’s review of Hyperliquid advances into formal U.S. market access, a step that could open the platform to a far larger institutional base and add fresh demand beyond the current offshore trading crowd.
