Multicoin Capital has reportedly executed a significant $46 million swap from Ethereum to HYPE tokens, marking one of the largest institutional cryptocurrency transactions in early 2025. The transaction, which took place over January 22-24, involved the deposit of 87,100 ETH to Galaxy Digital, followed by the acquisition of 1,354,000 HYPE tokens. This move highlights a strategic shift towards decentralized finance assets. The transaction was executed in multiple smaller trades to minimize market impact, reflecting sophisticated trading strategies. The acquisition coincided with a 15% increase in HYPE's market capitalization and a surge in trading volume, indicating heightened market interest. This development underscores the growing institutional focus on social tokens and decentralized protocols within the evolving crypto landscape.