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HYPE $43.41 -4.88%
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BTC $79,137.62 -2.31%
ETH $2,229.28 -1.89%
BNB $670.04 -1.38%
XRP $1.44 -3.23%
SOL $89.23 -2.91%
TRX $0.3519 -0.20%
DOGE $0.1125 -3.12%
ADA $0.2616 -3.31%
BCH $425.77 -2.24%
LINK $10.08 -3.26%
HYPE $43.41 -4.88%
AAVE $92.76 -5.35%
SUI $1.09 -7.78%
XLM $0.1550 -4.32%
ZEC $513.84 -5.98%

Data: Suspected Multicoin Capital is massively swapping ETH for HYPE

2026-02-05 00:57:57
Collection

According to MLM monitoring, wallets associated with Multicoin Capital are converting a large amount of ETH into HYPE:

Since January 22, the related wallets have transferred 87,100 ETH, worth approximately $220 million, to a deposit address associated with Galaxy Digital linked to Multicoin. On January 23, the day after the first transfer, a wallet associated with Multicoin began receiving HYPE from Galaxy.

Related addresses:
ETH Address: 0xfe188cA6FAf02b1Aa88d4AEF21f7de5D4ba64A70
HYPE Address: 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10

The first large transfer occurred on January 26, when Multicoin received 465,000 HYPE (approximately $16 million). In the following 5 days, they received about 990,000 HYPE (approximately $30.6 million) from Galaxy. No other on-chain transfers of similar scale have been found so far, but it cannot be ruled out that more will appear in the coming days.

Of course, it is not 100% certain, but based on the timing and on-chain associations, there is already sufficient basis to share this judgment. MLM stated, "Previously, we were not aware that they held such a large amount of ETH. If the judgment is incorrect, I am willing to delete this content."

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