Woofun AI data shows that an address suspected to be associated with Multicoin Capital executed a sale of 607,000 HYPE tokens valued at $37 million. Four hours prior to the sale, the entity transferred 395,000 HYPE to Coinbase and initiated the redemption of 211,000 HYPE staked on Hyperliquid.

The tokens were originally acquired five months ago through Galaxy Digital OTC at a price of $30. Of this initial allocation, 210,000 HYPE were placed into staking, while 395,000 HYPE remained in the wallet. With the current HYPE price at $61, the transaction results in a realized profit of $18.8 million.