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<\/p>\n
Multicoin Capital has sold another 10% of its HYPE holdings, according to blockchain analytics platform Arkham Intelligence. Still, HYPE remains its largest holding, currently worth around $90.5 million.<\/p>\n
The investment firm had accumulated the tokens between February and March this year and has held the position for more than six months.<\/p>\n
Arkham stated<\/a> that Multicoin held 4 million HYPE at its peak and now owns just over 25% of that amount. Earlier this week, the firm moved a large amount of the token to Coinbase Prime. On-chain data showed three separate transfers totaling 261,555 HYPE, worth about $21.7 million. The batches contained 63,235, 101,144, and 97,176 units. The transfers drew attention because they came as the crypto asset traded near its recent highs.<\/p>\n In June, Multicoin said<\/a> it projected that HYPE could hit $319. The target came from valuing $8 billion in expected 2028 earnings at 20 times, which results in a $160 billion valuation based on an adjusted supply of about 502 million HYPE tokens. Its base case assumes crypto derivatives volume grows 35% annually, DEXs reach 32% of the derivatives market, Hyperliquid captures a 30% share, and USDC balances rise with volume.<\/p>\n On the other hand, its bear case puts HYPE at $109, while its bull case reaches $689 on $17.3 billion in projected cash flow. In the same report, Multicoin also compared Hyperliquid’s growth path with Binance\u2019s rapid rise in 2017.<\/p>\n HYPE has been one of the best-performing assets this year. It has been on an absolute tear. The asset has gained 50% over the past month alone and recently established<\/a> an all-time high of $86.71. It has since suffered a minor pullback, but continues to hover above $82.<\/p>\n Hyperliquid was also discussed<\/a> during Donald Trump’s meeting with major crypto executives at the White House last month. Trump said CFTC Chair Michael Selig is working to bring the perpetuals-focused trading platform into the US. He said the goal is to make Hyperliquid operate in a “fully compliant and legal fashion.” The meeting also covered Bitcoin, the Digital Asset Market Clarity Act, and efforts to expand crypto activity in the US.<\/p>\n While the broader outlook remains bullish, one trader is betting on a drop. Pseudonymous market watcher “swarmik” shared a bearish view on the token. The trader said it could fall<\/a> 17.2% based on a four-hour chart setup while pointing to signs of weakness in the market structure. Heavy selling liquidity could push the price lower.<\/p>\n However, a potential correction could create an opportunity for a short position, with three downside targets being $76.77, $72.68, and $68.49. The trade would carry a risk level of 1.5R, according to the analysis.<\/p>\n The post Multicoin Sells Another 10% of HYPE Stack as Holdings Fall From 4 Million Tokens<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nDue for a Drop?<\/h2>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Multicoin Capital has sold another 10% of its HYPE holdings, according to blockchain analytics platform Arkham Intelligence. Still,…\n","protected":false},"author":2,"featured_media":31354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-46816","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/46816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46816"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/46816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/31354"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}