Bitcoin and Altcoins Soared: A Major Whale Seized the Opportunity and Made a Massive Investment in an Altcoin

On-chain data indicates that crypto investment firm Multicoin Capital has undergone a notable asset rotation in its portfolio.

According to analyses, the company may have sold a significant amount of its Ethereum (ETH) holdings and shifted its focus to HYPE, the token of the Hyperliquid ecosystem.

According to the latest data, one of the addresses in the relevant wallet cluster purchased an additional 591,000 HYPE tokens (approximately $25.9 million) via Galaxy Digital (OTC transaction) about 13 hours ago. Thus, including purchases made by that wallet in the last 2.5 months, its total HYPE holdings have reached 4,114,231 tokens (approximately $181 million).

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On-chain analysis shows strong connections between this wallet cluster and known Multicoin addresses. According to the data, both this cluster and wallets known to belong to Multicoin made approximately $240 million worth of HYPE purchases through Galaxy. Conversely, it was determined that approximately $230 million worth of ETH was sent to Galaxy during the same period. This strengthens the claims that Multicoin is reducing its ETH positions and shifting towards HYPE.

The first signs of this rotation emerged at the end of January. On January 26th, 465,000 HYPE tokens (approximately $16 million) were transferred to addresses associated with Multicoin. In the following five days, approximately 990,000 more HYPE tokens (approximately $30.6 million) were purchased via Galaxy.

*This is not investment advice.

Continue Reading: Bitcoin and Altcoins Soared: A Major Whale Seized the Opportunity and Made a Massive Investment in an Altcoin