Suspected Multicoin Capital is massively re-allocating ETH to HYPE

**February 5** Per MLM Monitor, wallets tied to Multicoin Capital are now actively swapping ETH for HYPE. Since Jan. 22, the linked wallets have sent 87,100 ETH (worth approximately $220 million) to a Galaxy Digital deposit address associated with Multicoin. The next day (Jan. 23), a Multicoin-affiliated wallet began receiving HYPE from Galaxy. **Relevant Addresses** ETH: 0xfe188cA6FAf02b1Aa88d4AEF21f7de5D4ba64A70 HYPE: 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10 The first major transfer occurred on Jan. 26, when Multicoin received 465,000 HYPE (~$16 million). Over the following five days, it received roughly 990,000 HYPE (~$30.6 million) from Galaxy. No other on-chain transfers of comparable size have been identified to date, but more may emerge in the coming days. While not 100% confirmed, the timing and on-chain connections provide sufficient evidence to share this assessment. MLM stated: “We didn’t previously know they held ETH of this scale. If this assessment is incorrect, I’m willing to delete this content.”