Hyperliquid’s HYPE token has risen to a fresh all-time high of almost $82, even as venture capital firm Multicoin Capital continues to move large quantities of the cryptocurrency to Coinbase Prime.
HYPE has gained 38% this week, with its latest surge taking its 24-hour trading volume above $2bn and lifting its market capitalisation to $17.17bn. The token initially broke above $77 before reaching its new peak over the past day.
Hyperliquid has also recorded more than $176bn in trading volume over the past 30 days, while open interest on the platform has exceeded $8bn.
The rally gathered pace on 19 August, after United States President Donald Trump said the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the US “in a fully compliant and legal manner.”
That reference to a possible US route for the platform sent HYPE sharply higher. The token gained as much as 25% in a single day as traders assessed the potential impact of formal access to the American market.
The CFTC’s approach had been discussed at the Wyoming Blockchain Symposium several days before Trump’s comments. Separately, Binance founder Changpeng Zhao described any US pathway for Hyperliquid as “a win for the entire crypto industry.”
However, while HYPE moved towards its record level, wallets linked to Multicoin Capital continued depositing tokens with Coinbase Prime, an institutional custody and trading service often used by large holders to support substantial transactions.
On 20 August, one Multicoin-linked wallet transferred 308,884 HYPE, worth approximately $19.8m, to Coinbase Prime over a seven-hour period. The same wallet or associated activity was followed by a deposit of 172,710 HYPE, valued at about $10.15m, and another transfer of 62,700 HYPE worth $4.37m around the same time.
Since February 2026, Multicoin Capital has moved more than $100m worth of HYPE to Coinbase Prime. The position is among the firm’s largest liquid cryptocurrency holdings.
HYPE traded broadly between $55 and $70 for much of the summer. Similar large deposits in July coincided with falls of about 8% in the token’s price, meaning traders have increasingly monitored activity from Multicoin-linked wallets.
The transfers have attracted attention because Multicoin Capital has also maintained a strongly positive public outlook for HYPE. In a valuation report published in June, the firm gave the token a base-case target of $319 by 2028, based on an expectation that Hyperliquid’s annual earnings could rise towards $8bn.
The movement of tokens to Coinbase Prime resembles a wider pattern in which major holders transfer assets to large exchanges before possible sales. Bitcoin.com News recently reported that a major Solana treasury had moved a significant amount of SOL to Coinbase Prime while holding steep unrealised losses.
Hyperliquid has sought to challenge concerns about potential selling pressure through its own token buyback system. The protocol allocates almost all of its trading revenue to purchases of HYPE, directing an estimated 99% of fees from its perpetual futures and spot markets into continuous repurchases through what it calls the Assistance Fund.
The exchange generated more than $896m in revenue during the past 12 months, giving the buyback programme significant resources.
Whether those purchases can offset Multicoin Capital’s continuing deposits to Coinbase Prime could help determine whether HYPE remains around its record levels or retreats. Traders are also watching for signs that the CFTC’s review will progress towards formal US market access.
Such a development could allow Hyperliquid to reach a substantially larger institutional customer base and create new demand beyond its existing offshore trading audience. Like other major crypto exchanges, the platform is operating in a market where firms are expanding into a broader range of financial services, developing new products to increase and diversify their revenue.
