BTC $79,196.67 -0.94%
ETH $2,491.94 -0.65%
BNB $739.46 -1.79%
XRP $1.40 -1.86%
SOL $103.88 -2.07%
TRX $0.3346 -0.41%
DOGE $0.0903 -0.18%
ADA $0.2210 -0.33%
BCH $260.92 +0.60%
LINK $12.76 -1.39%
HYPE $85.26 -2.88%
AAVE $132.35 -1.90%
SUI $0.8254 +1.55%
XLM $0.1931 +3.61%
ZEC $1,154.17 -6.85%
BTC $79,196.67 -0.94%
ETH $2,491.94 -0.65%
BNB $739.46 -1.79%
XRP $1.40 -1.86%
SOL $103.88 -2.07%
TRX $0.3346 -0.41%
DOGE $0.0903 -0.18%
ADA $0.2210 -0.33%
BCH $260.92 +0.60%
LINK $12.76 -1.39%
HYPE $85.26 -2.88%
AAVE $132.35 -1.90%
SUI $0.8254 +1.55%
XLM $0.1931 +3.61%
ZEC $1,154.17 -6.85%

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.