Multicoin Capital likely sold 167K HYPE (~$11.2M) via Galaxy Digital's OTC desk, signaling potential insider selling pressure.
Macro & Markets ·
A wallet identified as likely belonging to Multicoin Capital transferred 167,000 HYPE tokens, valued at approximately $11.2 million, through an intermediary address before depositing them at Galaxy Digital's OTC desk. The transaction occurred roughly 38 minutes before observation.
The routing through an intermediary wallet before reaching Galaxy Digital's over-the-counter trading desk suggests a deliberate structuring of the sale, potentially to minimize immediate market impact or maintain operational discretion. Multicoin Capital's involvement, if confirmed, would represent a significant holder moving a substantial position.
The transaction timing, wallet linkage, and use of OTC infrastructure remain subject to further verification. On-chain evidence can indicate intent but does not conclusively establish the original source wallet's true ownership or the reasoning behind the sale.