BTC $63,139.60 +0.02%
ETH $1,884.03 +0.45%
BNB $606.53 -0.13%
XRP $1.00 -0.27%
SOL $75.53 -0.32%
TRX $0.3321 -0.50%
DOGE $0.0699 +0.24%
ADA $0.1802 -0.66%
BCH $203.72 -1.14%
LINK $8.89 +1.52%
HYPE $55.91 -3.02%
AAVE $86.64 -0.95%
SUI $0.6781 -0.81%
XLM $0.1600 +0.75%
ZEC $492.05 +1.04%
BTC $63,139.60 +0.02%
ETH $1,884.03 +0.45%
BNB $606.53 -0.13%
XRP $1.00 -0.27%
SOL $75.53 -0.32%
TRX $0.3321 -0.50%
DOGE $0.0699 +0.24%
ADA $0.1802 -0.66%
BCH $203.72 -1.14%
LINK $8.89 +1.52%
HYPE $55.91 -3.02%
AAVE $86.64 -0.95%
SUI $0.6781 -0.81%
XLM $0.1600 +0.75%
ZEC $492.05 +1.04%

Data: Suspected Multicoin Capital is massively swapping ETH for HYPE

2026-02-05 00:57:57

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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