HYPE, the native token of Hyperliquid, dropped over 3% in the past 24 hours, trading near $93.80 as of September 24. The decline followed renewed selling concerns sparked by major transfers from Multicoin Capital to Coinbase Prime.
Multicoin Capital triggers renewed supply concerns
Hyperliquid is a decentralized derivatives exchange. The onchain analytics platform Lookonchain reported that Multicoin Capital, a prominent crypto investment firm, moved 130,331 HYPE—valued at $12.15 million—to Coinbase Prime after a week-long pause in such transactions. Since July 28, Multicoin Capital has transferred approximately 4.23 million HYPE worth $285 million to Coinbase Prime.
Coinbase Prime serves institutional clients with custody and execution services. While deposits on the platform do not necessarily mean immediate sales, large token movements by major holders like Multicoin Capital have raised fears of additional selling pressure in the HYPE market.
Lookonchain highlighted the ongoing significance of these deposits, drawing attention to the growing cumulative volume of HYPE transferred by Multicoin Capital to Coinbase Prime in recent months.
In addition, Lookonchain tracked new unstaking activity by other large HYPE holders. On September 24, five addresses began to unstake a combined 983,600 HYPE tokens, representing $90.44 million in potential supply. The largest address initiated the release of about 391,800 HYPE—almost $36 million in value.
Hyperliquid enforces a seven-day waiting period for unstaking, meaning these tokens will only become available for trading or sale around October 1, which sets a near-term timeline for potential increases in circulating supply.
Mini dictionary: Multicoin Capital is a crypto-focused investment firm that manages liquid and illiquid digital assets for institutional investors. Coinbase Prime is Coinbase’s platform providing custody, prime brokerage, and execution services to institutional clients.
Market structure and technical indicators
Despite the recent drop, HYPE remains up 18% over the past week and 16% for the past 30 days. The pullback comes after the token reached an all-time high of $97.98 on September 23. Prior to the retreat, HYPE had gained approximately 25% over a week, peaking just below the psychological $100 level before sellers began to take profits.
Technical analysis shows that HYPE continues to trade above its main exponential moving averages on the daily chart, indicating a still-bullish structure. At $93.26, the token is above the 20-day EMA of $87.12, while the 50-day, 100-day, and 200-day EMAs are positioned at $79.21, $71.24, and $60.50, respectively.
| EMA Period | Value ($) |
|---|---|
| 20-day | 87.12 |
| 50-day | 79.21 |
| 100-day | 71.24 |
| 200-day | 60.50 |
The 20-day EMA at $87.12 provides the first dynamic support if the downward move continues. Analysts note that a daily close below this level would shift focus to the 50-day EMA around $79.21—a zone close to where HYPE traded before its recent rally.
The daily RSI has cooled to 62.84 after exceeding 70 during the latest surge. Although still above its neutral level of 50, the indicator reflects reduced buying momentum since the approach to $98. In the shorter term, the Fibonacci retracement from the September low of $75.19 to the $98.04 high places significant support at $92.65. HYPE was trading just above this level at $93.34. Further downside could bring targets at $89.31 (38.2% fib), $86.62 (50%), and $83.92 (61.8%) into play.
Momentum signals, including the MACD, support the view of increasing bearishness. The MACD line stood at 0.732, below the signal line at 1.319, while the histogram had slipped to minus 0.587—a sign that selling gained traction after failing to breach $98.
Broader market impact
Derivatives market data shows further weakness, as $3.30 million in HYPE long positions were liquidated in the past day, comprising about 93% of recent liquidations. Meanwhile, open interest declined by $74 million over two days, indicating leveraged traders are closing positions as HYPE loses upward momentum.
The broader cryptocurrency market also felt pressure, with Bitcoin pulling back from recent highs and contributing to the downturn seen in HYPE and other tokens.
The combination of profit-taking by large holders, increased supply from unstaking, and shifting technical momentum weighs on HYPE, even as the token maintains substantial gains for the week.
