Multicoin Capital retains $91 million in HYPE after selling 75 percent of its position, leaving a supply overhang that Hashdex's new ETF allocation has yet to offset. The pace of Multicoin's remaining unwind versus regulated-buyer accumulation will set HYPE's near-term direction.
Multicoin Capital still holds $91 million in HYPE after cutting 75 percent of its stake, a supply overhang that ETF-driven demand has yet to absorb.
The venture firm accumulated roughly 4 million HYPE on Hyperliquid between February and March before paring that down to just under 1 million tokens, according to on-chain data tracked by Lookonchain. Its most recent four transactions deposited 404,000 HYPE worth about $34.2 million to Coinbase Prime, and a separate $21.7 million deposit already exceeds the entire exposure Hashdex has built through its NCIQ exchange-traded fund.
Hashdex, a crypto asset manager, added HYPE to NCIQ with a 3.4 percent allocation, creating roughly $14.7 million in exposure across 177,313 tokens and lifting the token into the fund's top five holdings. That gives HYPE a recurring demand channel as money flows into the product, yet the scale remains small next to institutional selling.
The open question for HYPE's price is whether Multicoin's remaining position reaches the open market faster than regulated buyers accumulate. A separate whale that staked 2.89 million HYPE bought near $17.35 a year ago has already completed its exit, moving 969,595 tokens worth about $79.18 million to Coinbase Prime and FalconX for a profit near $140 million, removing one source of distribution. Continued NCIQ inflows could narrow the gap between sellers and buyers, while further whale deposits would keep supply dominant.
Multicoin's unwind comes as HYPE trades against a backdrop where bitcoin dominance near 59 percent has kept capital concentrated in the largest assets, leaving altcoin flows more sensitive to single-holder moves. The token's market structure is shifting from one-sided distribution toward a contest between cash-out sellers and the new regulated buyers entering through the Hashdex product.
For holders, the pace of Multicoin's remaining sales over the coming days will determine whether HYPE holds its footing or slips into weaker territory. If NCIQ inflows accelerate, the fund's regular buying could offset the overhang; if deposits continue at the recent clip, supply will outrun demand until the position is cleared.
This article is for informational purposes only and does not constitute investment advice.
