Data suggests that Multicoin Capital is suspected of massively shifting its ETH holdings to HYPE.
TL;DR
Multicoin Capital is suspected of converting 87,100 ETH worth $220 million into HYPE via Galaxy Digital, with large transfers starting January 26. On-chain data suggests this shift, though not fully confirmed, indicates a significant portfolio reallocation.
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According to ChainCatcher, MLM monitoring indicates that wallets associated with Multicoin Capital are converting large amounts of ETH into HYPE.
Starting January 22, related wallets transferred 87,100 ETH, worth approximately $220 million, to a Galaxy Digital deposit address associated with Multicoin. On January 23, the day after the initial transfer, a wallet associated with Multicoin began receiving HYPE from Galaxy.
Related address:
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 five days, it received another approximately 990,000 HYPE (approximately $30.6 million) from Galaxy. No other on-chain transfers of similar size have been detected yet, but more may occur in the coming days.
Of course, it's not 100% certain, but considering the timing and on-chain connections, there's sufficient evidence to share this judgment. MLM stated, "I was previously unaware they held such a large amount of ETH. If my judgment is incorrect, I'm willing to delete this content."