A wallet suspected to be linked to Multicoin Capital has been converting Ethereum (ETH) into HYPE tokens. Since January 22, a Galaxy Digital deposit address associated with Multicoin received 87,100 ETH, valued at approximately $220 million. On January 23, a wallet linked to Multicoin, identified as 0xD4d…BC10, began receiving 1.354 million HYPE tokens from Galaxy, worth over $46 million. Arkham analyst Emmett Gallic confirmed the connection, noting that the wallet 0xD4…BC10 previously received 56.117 million ENA tokens from StablecoinX in mid-October. This transaction coincided with the announcement of Multicoin Capital's managing partner, Kyle Samani, as a core advisor for TLGY Acquisition Corp. and StablecoinX Assets Inc.'s new strategic advisory board.