HYPE Token Hits Record High as Multicoin Moves $20M to Coinbase
HYPE token reached an all-time high of $82 while Multicoin Capital transferred a significant amount to Coinbase.
1HYPE Token Breaks Record
Hyperliquid's native token HYPE reached an all-time high of $82, marking a 38% increase this week. With a 24-hour trading volume exceeding $2 billion, the token's market capitalization now stands at $17.17 billion. Hyperliquid has processed over $176 billion in trading volume in the past 30 days, maintaining open interest above $8 billion.
2Trump's Comments Fuel Rally
The price surge can be traced back to August 19 when former President Donald Trump revealed that the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the US market in a fully compliant manner. This statement caused HYPE to jump 25% in a single day as traders anticipated formal US market access.
3Multicoin's Major Transfers
Venture firm Multicoin Capital continues to move large amounts of HYPE tokens to Coinbase Prime. On August 20 alone, a Multicoin-linked wallet transferred 308,884 HYPE (worth approximately $19.8 million) within a seven-hour window, followed by transfers of 172,710 HYPE ($10.15 million) and 62,700 HYPE ($4.37 million). Since February 2026, Multicoin has moved over $100 million worth of HYPE to Coinbase Prime.
4Selling Pressure Concerns
Multicoin's transfers contrast with the firm's public bullish stance. In a June valuation report, they projected a base-case price of $319 for HYPE by 2028. However, the large transfers to Coinbase are being interpreted as potential preparation for sales. Similar large deposits in July correlated with 8% price declines, making the market wary of Multicoin's wallet movements.
5Hyperliquid's Buyback Mechanism
To counter selling pressure concerns, Hyperliquid has implemented its buyback program. The protocol directs approximately 99% of all trading revenue - including fees from perpetual futures and spot markets - to continuously repurchase HYPE through its Assistance Fund. The exchange generated over $896 million in revenue in the past 12 months, providing substantial resources for the buyback program.
6CFTC Review Crucial for Future
Market participants are closely watching whether the CFTC's review of Hyperliquid will result in formal US market access. Such approval could open the platform to a much larger institutional investor base and create new demand beyond the current offshore trading community. The Wyoming Blockchain Symposium discussed the CFTC's approach just days before Trump's comments.
7Industry-Wide Trends
Multicoin's movements are part of a broader trend where large token holders transfer assets to Coinbase Prime ahead of potential sales. Bitcoin.com News recently reported that Solana's treasury moved a significant amount of SOL to Coinbase Prime while facing steep unrealized losses. These types of movements can significantly impact market dynamics.
8HYPE's Future Prospects
Whether HYPE can maintain its record levels depends on the balance between Multicoin's Coinbase transfers and Hyperliquid's buyback program. Additionally, the CFTC's decision and potential US market access will be critical factors determining the token's long-term performance. As crypto exchanges continue evolving into comprehensive financial services platforms, such developments will continue shaping the industry's future.