According to Wu Blockchain, on-chain analyst MLM, who has approximately 27,000 Telegram subscribers, analyzed that "wallets linked to cryptocurrency investment firm Multicoin Capital appear to be converting large amounts of ETH to HYPE since January." He explained, "On January 22, these wallets deposited 87,100 ETH, worth $220 million, to a Galaxy Digital deposit address associated with Multicoin Capital. And on the following day, January 23, Multicoin-related wallets began receiving HYPE from Galaxy." In this regard, Emmett Gallic, an analyst at on-chain analytics platform Arkham (ARKM), added, "This analysis has merit."
