FalconX transferred 350,000 HYPE tokens worth approximately $30.57 million to Coinbase over the past three days, according to on-chain data from Onchain Lens. The latest batch involved 50,000 HYPE valued at around $4.2 million. The cumulative transfers signal continued institutional movement of Hyperliquid's native token to centralized exchanges, a pattern often associated with potential selling pressure or liquidity provisioning.