Bitcoin and Altcoins Soared: A Major Whale Seized the Opportunity and Made a Massive Investment in an Altcoin

On-chain data indicates that crypto investment firm Multicoin Capital has undergone a notable asset rotation in its portfolio.

According to analyses, the company may have sold a significant amount of its Ethereum ($ETH) holdings and shifted its focus to $HYPE, the token of the Hyperliquid ecosystem.

According to the latest data, one of the addresses in the relevant wallet cluster purchased an additional 591,000 $HYPE tokens (approximately $25.9 million) via Galaxy Digital (OTC transaction) about 13 hours ago. Thus, including purchases made by that wallet in the last 2.5 months, its total $HYPE holdings have reached 4,114,231 tokens (approximately $181 million).

On-chain analysis shows strong connections between this wallet cluster and known Multicoin addresses. According to the data, both this cluster and wallets known to belong to Multicoin made approximately $240 million worth of $HYPE purchases through Galaxy. Conversely, it was determined that approximately $230 million worth of $ETH was sent to Galaxy during the same period. This strengthens the claims that Multicoin is reducing its $ETH positions and shifting towards $HYPE.

The first signs of this rotation emerged at the end of January. On January 26th, 465,000 $HYPE tokens (approximately $16 million) were transferred to addresses associated with Multicoin. In the following five days, approximately 990,000 more $HYPE tokens (approximately $30.6 million) were purchased via Galaxy.

*This is not investment advice.