Suspected Multicoin Capital is massively re-allocating ETH to HYPE

BlockBeats News, February 5th. According to MLM Monitor, wallets connected to Multicoin Capital are now extensively swapping ETH for HYPE:

Since January 22nd, the related wallets have transferred 87,100 ETH to a Galaxy Digital deposit address associated with Multicoin, worth approximately $220 million. On January 23rd, the day after the initial transfer, a Multicoin-affiliated wallet started receiving HYPE from Galaxy.

Relevant addresses:
ETH Address: 0xfe188cA6FAf02b1Aa88d4AEF21f7de5D4ba64A70
HYPE Address: 0xd4d56a30a4a745f8ba732e8b453b7066260fbc10

The first significant transfer occurred on January 26th, with Multicoin receiving 465,000 HYPE (approximately $16 million). In the following 5 days, around 990,000 HYPE (approximately $30.6 million) were received from Galaxy. No other on-chain transfers of a similar scale have been identified so far, but more may emerge in the coming days.

Of course, it is not 100% certain, but based on the timing and on-chain connections, there is enough evidence to share this assessment. MLM stated, "We did not previously know that they held ETH of this scale. If the assessment is incorrect, I am also willing to delete this content."