Market Pulse: HYPE Hits $82 Record High While Multicoin Moves $20M to Coinbase

Latest reporting indicates that hyperliquid’s native token HYPE touched a fresh all-time high above $77 at the same time venture firm Multicoin Capital kept shuffling large batches of the token into Coinbase Prime.

HYPE hit a fresh all-time high near $82 over the past day, extending a rally that has pushed the token up 38% this week.

The token is currently carrying a 24-hour trading volume above $2 billion alongside a market capitalization of $17.17 billion.

Moreover, it bears highlighting that Hyperliquid has processed more than $176 billion in 30-day trading volume while carrying open interest exceeding $8 billion.

The surge can quite clearly be linked back to August 19, when President Donald Trump said the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the United States “in a fully compliant and legal manner.” That name-drop sent HYPE charging toward record highs within hours, with the token jumping as much as 25% in a single day as traders priced in the prospect of formal U.S.

Lastly, the Wyoming Blockchain Symposium hosted a discussion of the CFTC’s approach just days before Trump’s comment, with Binance founder Changpeng Zhao separately calling any U.S.

Pathway for Hyperliquid “a win for the entire crypto industry.” Even as HYPE climbed toward its record, venture firm Multicoin Capital kept depositing tokens into Coinbase Prime, an institutional custody and trading platform typically used by large holders to facilitate sizable trades.

On August 20 alone, a Multicoin-linked wallet sent 308,884 HYPE, worth roughly $19.8 million, to Coinbase Prime in a seven-hour window, followed by a 172,710 HYPE deposit worth about $10.15 million and a smaller 62,700 HYPE batch worth $4.37 million around the same period.