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On-chain data has drawn attention to the fact that cryptocurrency asset management company Multicoin Capital has shifted a large amount of its Ethereum holdings to the $HYPE token.
According to onchain analysis, wallets associated with Multicoin made high-volume $ETH transfers in the last week of January.
As of January 22nd, a total of 87,100 $ETH (approximately $220 million) was transferred from linked wallets to a deposit address belonging to Galaxy Digital and associated with Multicoin. Immediately following this transfer, on January 23rd, it was detected that a wallet linked to Multicoin began purchasing $HYPE tokens via Galaxy.
The first large $HYPE transfer occurred on January 26th. On that date, approximately 465,000 $HYPE (approximately $16 million) was sent to Multicoin. Over the following five days, a further approximately 990,000 $HYPE (approximately $30.6 million) was transferred via Galaxy. While no other transactions of similar size have been observed on the chain so far, the possibility of further transfers in the coming days remains.
However, these claims have not yet been officially confirmed.
*This is not investment advice.
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