Key Takeaways
- • Multicoin Capital says Hyperliquid's HYPE is now the largest holding in its hedge fund, according to Bloomberg, which cited general partner Spencer Applebaum.
- • Multicoin did not disclose the size of its HYPE position, which it bought on public markets beginning early in 2026.
- • The Hyperliquid Policy Center sent the SEC a comment letter backing the proposed Regulation Crypto Assets framework, with five suggested changes.
- • HYPE was trading near $76.8 support on technical levels cited by Coin Bureau-linked commentary, with resistance at $83.7 and downside to $66.2.
Summary
Hyperliquid's HYPE token is now the largest holding in Multicoin Capital's hedge fund, general partner Spencer Applebaum told Bloomberg on Monday. Multicoin bought HYPE on public markets and did not disclose the size of the position. Applebaum said the firm plans to keep investing in digital assets and questioned efforts to force links between blockchain and artificial intelligence. Multicoin first flagged its stake in a June 25 post, calling HYPE "one of the largest positions in our liquid fund," and said it began buying early in 2026. Its June research set a base-case price of $319 for HYPE by 2028, with a bear case of $109 and a bull case of $689.
On-chain data from Lookonchain tracked Multicoin-linked deposits to Coinbase Prime in September, including 130,331 HYPE on September 24. According to the same tracker, the deposits do not confirm any sales. Separately, Hyperliquid Strategies bought 494,200 HYPE worth $45.8 million over 16 hours, per Lookonchain.
The Hyperliquid Policy Center filed a comment letter with the SEC on Monday supporting the proposed Regulation Crypto Assets framework and offering five suggestions. The group urged the SEC to write its March airdrop interpretation into the final rule, arguing that recipients who pay nothing have not made an investment. It also said that using a network, running a validator or supplying liquidity should not automatically create an investment contract, and that steps such as connecting a wallet or sanctions screening should not count as payment. On safe harbor, the HPC argued the proposed certification could expose projects to legal liability, stating that "a project whose counsel concluded that no investment contract ever existed cannot reasonably certify otherwise."
Technically, HYPE bounced near $76.8 after a weekend dip. An RSI reading of 38 and a Stochastic reading of 11 point to bearish momentum with oversold conditions. Commentary from the source points to $66.2 as the next support if $76.8 fails, and $83.7 as resistance, with $88.20 in play above that. Analyst Sjuul of AltCryptoGems asked on X whether HYPE could sweep its recent low a second time before making a new higher high.
On-chain data from Lookonchain tracked Multicoin-linked deposits to Coinbase Prime in September, including 130,331 HYPE on September 24. According to the same tracker, the deposits do not confirm any sales. Separately, Hyperliquid Strategies bought 494,200 HYPE worth $45.8 million over 16 hours, per Lookonchain.
The Hyperliquid Policy Center filed a comment letter with the SEC on Monday supporting the proposed Regulation Crypto Assets framework and offering five suggestions. The group urged the SEC to write its March airdrop interpretation into the final rule, arguing that recipients who pay nothing have not made an investment. It also said that using a network, running a validator or supplying liquidity should not automatically create an investment contract, and that steps such as connecting a wallet or sanctions screening should not count as payment. On safe harbor, the HPC argued the proposed certification could expose projects to legal liability, stating that "a project whose counsel concluded that no investment contract ever existed cannot reasonably certify otherwise."
Technically, HYPE bounced near $76.8 after a weekend dip. An RSI reading of 38 and a Stochastic reading of 11 point to bearish momentum with oversold conditions. Commentary from the source points to $66.2 as the next support if $76.8 fails, and $83.7 as resistance, with $88.20 in play above that. Analyst Sjuul of AltCryptoGems asked on X whether HYPE could sweep its recent low a second time before making a new higher high.
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