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Multicoin

Galaxy

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<p style="text-align: justify">Three major cryptocurrency investment firms have initiated the withdrawal of approximately $150 million in HYPE tokens from <a href="https://en.coin-turk.com/hype-jumps-3-to-41-92-as-resistance-at-42-50-looms/" rel="noopener noreferrer nofollow">Hyperliquid</a>, prompting an 8% decline in the token’s value and raising questions about market stability as institutional positions unwind.</p><h2 id="major-holders-move-to-withdraw">Major holders move to withdraw</h2><p style="text-align: justify">Hyperliquid, a decentralized exchange known for its derivatives marketplace, saw pronounced activity from key institutional stakeholders including Multicoin Capital, Selini Capital, and Galaxy Digital. Multicoin Capital, a prominent venture firm with significant influence in the digital asset sector, currently controls $138.78 million in staked HYPE tokens and has set in motion the withdrawal of about $116 million from the staking protocol.</p><p style="text-align: justify">Meanwhile, Selini Capital and Galaxy Digital have also joined the exodus, lining up withdrawals of $4.4 million and $29.4 million respectively. On-chain data showed a wallet linked to Multicoin sending around 167,000 HYPE (valued at approximately $11.2 million) to the Coinbase exchange, suggesting possible preparations for a major transaction.</p><p style="text-align: justify">As the news circulated, HYPE’s price tumbled briefly to $57.39 before recovering to $59.19. Over the past 24 hours, trading activity for HYPE surpassed $415 million. However, the amount of pending withdrawals nearly doubles the daily spot trading volume, which stood at $72.8 million within the latest 28-hour window.</p><table style="border:1px solid #f1e4d8;padding:8px"><thead><tr><th>Fund</th><th>Pending HYPE Withdrawal</th></tr></thead><tbody><tr><td>Multicoin Capital</td><td>$116 million</td></tr><tr><td>Galaxy Digital</td><td>$29.4 million</td></tr><tr><td>Selini Capital</td><td>$4.4 million</td></tr></tbody></table><p style="text-align: justify">Block Liquidity recorded 1,463 buyers against 982 sellers during this period, with market maker Wintermute accumulating more than $9 million in net buys. The top net seller offloaded tokens valued at $5.2 million.</p><h2 id="market-reaction-and-trading-metrics">Market reaction and trading metrics</h2><p style="text-align: justify">HYPE has lost roughly 11% over the preceding seven days, underperforming other top ten digital assets by market capitalization in the same period. Data from CoinGlass revealed no inflow into HYPE ETF instruments on Wednesday, following a modest outflow of $0.7 million on Tuesday. Futures Open Interest stands at $2.5 billion, registering a 0.5% decrease in 24 hours.</p><p style="text-align: justify">Technical analyst CryptosBatman identified a key technical shift as HYPE slipped below its 50-day moving average after maintaining strength above this level for six months. The analyst forecast a correction towards $55, which aligns with the 1.618 Fibonacci extension, suggesting a crucial support target as selling pressure mounts.</p><blockquote><p>Markets have observed HYPE break down from its 50-day moving average, forming a bearish continuation pattern. Projections indicate that $55 is the next notable price level to watch, as it coincides with key technical support.</p></blockquote><h2 id="institutional-withdrawal-motivations">Institutional withdrawal motivations</h2><p style="text-align: justify">Selini Capital’s move to withdraw tokens has been connected to the shutdown of DreamCash’s HIP-3 CASH perpetuals market. The protocol’s design mandates that market operators stake 500,000 HYPE tokens as collateral, which are reclaimed when the market closes. Observers believe Selini may offload these tokens using over-the-counter channels.</p><p style="text-align: justify">Multicoin Capital’s unstaking is somewhat less transparent. The firm recently led a $1.75 million seed round for Trasia, an infrastructure project aiming to introduce perpetual contracts for Asian equities on the Hyperliquid platform. Tushar Jain, Multicoin’s managing partner, clarified on X that the tokens being unstaked are not intended for immediate sale, and the withdrawal process will complete on July 28.</p><blockquote><p>Although significant amounts are being withdrawn, these tokens are not planned for immediate sale on the open market, according to Multicoin Capital’s leadership.</p></blockquote><p style="text-align: justify">The final disposition of these tokens will become clearer after the unlock date. Until then, the market faces continued speculation about potential selling pressure and sentiment shifts.</p><p style="text-align: justify">Technically, HYPE now trades below its 50-day exponential moving average at $62.52. For a bullish reversal, the token must regain levels above $60.72 and reclaim the 50-day EMA to reestablish upward momentum. The Relative Strength Index is hovering near 40, while the MACD indicator remains below zero—both factors indicate persistent bearish sentiment. The 200-day EMA, currently at $50.77, continues to serve as a crucial long-term support.</p><p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: Hyperliquid, a decentralized derivatives exchange, allows users to trade perpetual contracts and offers staking mechanisms for native tokens such as HYPE. Institutional staking refers to large-scale holders securing blockchain networks or supporting market operations while earning rewards.</p><p>The post <a href="https://en.coin-turk.com/multicoin-galaxy-selini-withdraw-150-million-in-hype-spark-8yuzde-price-drop/" rel="noopener noreferrer nofollow">Multicoin, Galaxy, Selini withdraw $150 million in HYPE, spark 8% price drop</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Multicoin, Galaxy, Selini withdraw $150 million in HYPE, spark 8% price drop

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