HYPE Tops $82 as Multicoin Moves $19.8M to Coinbase Prime

HYPE reached a record $82 on Aug. 20 as venture firm Multicoin Capital transferred large batches of the token into Coinbase Prime. On Aug. 20 a Multicoin-linked wallet moved 308,884 HYPE, about $19.8 million, to Coinbase Prime over seven hours. The wallet also sent 172,710 HYPE (roughly $10.15 million) and 62,700 HYPE (about $4.37 million) during the same period. Coinbase Prime is an institutional custody and trading platform commonly used by large holders to stage sizable trades.

The token rose roughly 38% over the past week and jumped about 25% in a single day after President Donald Trump stated the Commodity Futures Trading Commission was working to bring Hyperliquid into the United States “in a fully compliant and legal manner.” HYPE traded with more than $2 billion in 24-hour volume and had a market capitalization near $17.17 billion. Hyperliquid reported more than $176 billion in 30-day trading volume and open interest above $8 billion.

Multicoin has moved more than $100 million in HYPE into Coinbase Prime since February 2026. Comparable large deposits in July were followed by price declines of about 8%. Multicoin published a valuation report in June projecting a base-case price of $319 for HYPE by 2028, based on projected annual earnings of about $8 billion for Hyperliquid.

Hyperliquid directs nearly all trading revenue from its perpetual futures and spot markets into an Assistance Fund that continuously repurchases HYPE, the company reports. The exchange reported roughly $896 million in revenue over the past 12 months, which supports the buyback program.

Market participants are monitoring whether the CFTC review leads to formal U.S. market access for Hyperliquid. The Wyoming Blockchain Symposium included discussion of the CFTC’s approach days before the president’s comment, and Binance founder Changpeng Zhao called a U.S. pathway “a win for the entire crypto industry.” Observers continue to track on-chain flows, Coinbase Prime deposits and regulatory updates for signs of further buying or selling.