Haciyev Reşit 
As institutional investor movements in the crypto market continue to be closely monitored, a striking claim involving Multicoin Capital has come to the forefront. According to on-chain data–based analyses, the firm is alleged to have reduced its large Ethereum (ETH) holdings and shifted toward a surprise altcoin: HYPE token. This move is being interpreted as a potential portfolio rotation by Multicoin and is being closely watched by market participants.
Large ETH Transfers From Wallets Linked to Multicoin
On-chain analysis indicates that wallets associated with Multicoin Capital executed substantial Ethereum (ETH) transfers during the last week of January. As of January 22, a total of 87,100 ETH (approximately $220 million) was transferred from linked addresses to a deposit address associated with Galaxy Digital. This transaction stands out as one of the most notable institutional movements observed on-chain.
Market participants have interpreted this sizeable transfer as a signal that Multicoin may be gradually reducing its Ethereum exposure, potentially marking the beginning of a strategic portfolio rotation.
Shift From ETH to HYPE Token
On-chain data further shows that shortly after the ETH transfers, on January 23, a wallet linked to Multicoin Capital began acquiring HYPE tokens via Galaxy Digital. The timing is viewed as a strong indication that Multicoin initiated a rotation from Ethereum into altcoins.
The first major HYPE transfer was recorded on January 26, when approximately 465,000 HYPE tokens (around $16 million) were sent to Multicoin. This transaction ranked among the largest HYPE transfers observed on-chain.
Over $30 Million in HYPE Transfers in Five Days
Over the following five days, an additional 990,000 HYPE tokens (approximately $30.6 million) were transferred to wallets associated with Multicoin Capital, again through Galaxy Digital. In total, HYPE transfers during this short period exceeded $46 million.
The size and timing of these transfers suggest a deliberate and strategic accumulation process. While no similarly large transactions have been detected on-chain since, analysts note that institutional portfolio reallocations often occur gradually, leaving open the possibility of further transactions in the coming days.
No Official Confirmation Yet
So far, Multicoin Capital has not issued an official statement regarding these alleged ETH sales or HYPE purchases. As such, the claims remain based solely on on-chain data and analytical interpretations.
Experts emphasize that institutional portfolio rotations often take place ahead of narrative shifts or emerging trends. If confirmed, Multicoin’s potential move from Ethereum to HYPE could be interpreted as a significant signal that institutional investors are seeking new opportunities within the altcoin market. Until official confirmation is provided, however, investors are advised to interpret on-chain data with caution.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.