BTC $82,781.00 +0.18%
ETH $2,498.40 +0.24%
BNB $745.60 +0.04%
XRP $1.39 -1.00%
SOL $109.24 -0.47%
TRX $0.3301 -0.19%
DOGE $0.0850 -1.43%
ADA $0.2461 -1.92%
BCH $275.77 -1.22%
LINK $12.88 +0.50%
HYPE $84.91 +1.22%
AAVE $167.84 -2.10%
SUI $1.09 +0.54%
XLM $0.1947 -0.53%
ZEC $1,223.21 +0.22%
AAPL $336.40 +0.01%
AMZN $262.41 -0.06%
GOOGL $350.95 -0.36%
MSFT $534.84 -0.11%
META $718.98 -0.07%
NVDA $230.44 -0.07%
TSLA $382.38 -0.22%
SNDK $1,590.67 -0.11%
INTC $104.85 -0.16%
SPCX $163.58 +0.29%
MU $1,033.59 -0.18%
AMD $608.41 -0.43%
BTC $82,781.00 +0.18%
ETH $2,498.40 +0.24%
BNB $745.60 +0.04%
XRP $1.39 -1.00%
SOL $109.24 -0.47%
TRX $0.3301 -0.19%
DOGE $0.0850 -1.43%
ADA $0.2461 -1.92%
BCH $275.77 -1.22%
LINK $12.88 +0.50%
HYPE $84.91 +1.22%
AAVE $167.84 -2.10%
SUI $1.09 +0.54%
XLM $0.1947 -0.53%
ZEC $1,223.21 +0.22%
AAPL $336.40 +0.01%
AMZN $262.41 -0.06%
GOOGL $350.95 -0.36%
MSFT $534.84 -0.11%
META $718.98 -0.07%
NVDA $230.44 -0.07%
TSLA $382.38 -0.22%
SNDK $1,590.67 -0.11%
INTC $104.85 -0.16%
SPCX $163.58 +0.29%
MU $1,033.59 -0.18%
AMD $608.41 -0.43%

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."

app_icon
ChainCatcher Building the Web3 world with innovations.