Hyperliquid Just Became the Fifth-Largest Holding in Hashdex's Crypto ETF. Multicoin Is Selling Into It

A regulated ETF just added HYPE to its holdings while one of the token's biggest institutional backers quietly unloaded nearly three quarters of its position. Understanding why each side moved in a different direction reveals something important about where the…

Hyperliquid just moved into the fifth-largest position in Hashdex’s Nasdaq CME Crypto Index ETF, with a 3.36% weighting as of September 1, 2026. The addition takes the fund to nine assets from eight, putting HYPE behind only Bitcoin, Ethereum, XRP, and Solana and giving the token a new foothold in a regulated investment product.

Multicoin Capital, one of HYPE’s most prominent institutional backers, has been heading in the opposite direction after building a position of roughly 4 million HYPE in February and March. The firm published a bullish research report on June 25 that projected HYPE could reach $319 by 2028, yet it has since sold close to 75% of the position. So what does it mean when a regulated fund adds a token while its loudest institutional backer is selling it?

Hashdex Was Buying While Multicoin Was Selling

Hashdex added HYPE to the Nasdaq CME Crypto Index ETF, ticker NCIQ, on September 1, 2026, at a 3.36% weighting, while Multicoin was already cutting its position through a series of large transfers to Coinbase Prime.