Multicoin Capital has once again reduced its exposure to HYPE, the native token of Hyperliquid, according to data from a blockchain intelligence platform reported by Wu Blockchain on X. The firm sold roughly 10% of its remaining holdings, leaving it with approximately $90.5 million worth of the token.

The latest transaction represents a substantial reduction from Multicoin's peak position. The firm accumulated around 4 million HYPE during February and March, but now holds only slightly more than a quarter of that amount—implying that nearly 75% of its peak position has been sold.

Position Falls From 4 Million Tokens

Despite the continued disposals, HYPE remains Multicoin Capital's largest publicly visible on-chain position at approximately $90.5 million.

The scale of the reduction is notable because Multicoin had publicly identified HYPE as a major investment earlier this year. In a June 25 research report, the firm said it had initiated a large position in Hyperliquid early in the year and had continued accumulating the token, describing HYPE as one of the largest positions in its liquid fund.

That prior positioning makes the subsequent reduction significant from an on-chain portfolio perspective, although blockchain transactions alone do not establish why the firm sold the tokens or whether the sales reflect a broader change in its investment thesis. Gradual, staged disposals of a large position—rather than a single sale—are a common way for large holders to reduce exposure while limiting market impact, and venture-style funds like Multicoin routinely rebalance portfolios for reasons that may include liquidity needs, fund lifecycle, or risk management.

Selling Comes Amid Continued Institutional Interest

Multicoin's reduction also comes as Hyperliquid continues to attract attention from institutional investors and financial-market participants. Hyperliquid is a decentralized exchange best known for perpetual-futures trading, and its HYPE token is closely watched by on-chain analysts as a barometer of activity in decentralized derivatives markets. The firm's own June analysis argued that Hyperliquid was developing beyond its core perpetual-futures business and presented a long-term valuation case for the ecosystem.

The latest sales therefore highlight a distinction between an investor's public assessment of an asset and the size of its immediately observable holdings. A reduction in one large wallet does not, by itself, establish a change in the broader market outlook for HYPE.

For traders and on-chain analysts, the next key indicator will be whether Multicoin continues reducing the position or stabilizes its remaining stake. Further wallet movements would provide a clearer picture of how much exposure the firm intends to retain after selling nearly three-quarters of its peak HYPE holdings.