Multicoin Capital Shifts Portfolio Focus to HYPE Tokens Amid Ethereum Sell-Off

On-chain analysis has revealed a notable shift in Multicoin Capital's portfolio. The crypto investment firm has reportedly sold off a substantial portion of its Ethereum holdings, amounting to around $230 million, and allocated this capital towards the HYPE token.

The data suggests that Multicoin made these transactions through Galaxy Digital, indicating a significant commitment to the Hyperliquid ecosystem. Notably, one wallet cluster associated with the firm has acquired 4,114,231 HYPE tokens, valued at approximately $181 million.