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Transform Domain Wyner-Ziv (TDWZ) video coding is an efficient Distributed Video coding solution providing new features such as low complexity encoding, by mainly exploiting the source statistics at the decoder based on the availability of decoder side information. The accuracy of the decoder side information has a major impact on the performance of TDWZ. In this paper, a novel multi-hypothesis based TDWZ video coding is presented to exploit the redundancy between multiple side information and the source information. The decoder used optical flow for side information calculation. Compared with the best available single estimation mode TDWZ, the proposed multi-hypothesis based TDWZ achieves robustly better Rate-Distortion (RD) performance and the overall improvement is up to 0.6 dB at high bitrate and up to 2 dB compared with the DISCOVER TDWZ video codec.