Grayscale Research published a report titled《Hyperliquid Breaks the Mold》on May 27, positioning Hyperliquid as a benchmark platform for DeFi to enter the exchange-scale market. As of the report’s release, the Hyperliquid protocol has cumulatively repurchased about $1.16 billion worth of HYPE tokens.
Grayscale Report’s Key Arguments and Direct Quotes
In the report, Grayscale compares Hyperliquid with traditional exchanges, while clearly pointing out the legal differences between token ownership and equity ownership, and adds: “The HYPE token is not a stock, but can be broadly compared to the traditional stocks of relevant industries.”
The Hyperliquid growth analysis framework proposed in the report covers fee revenue, trading demand, user retention rate, network effects, execution performance, community development, regulatory changes, and broader applications of on-chain financial services—all presented in Grayscale’s analysis framework.
HYPE Token Repurchases and ETF: Confirmed Market Data
During the period when the HYPE token price was near its all-time high, the Hyperliquid protocol cumulatively repurchased about $1.16 billion worth of HYPE tokens. Grayscale’s report cites this mechanism as one piece of evidence that platform trading volume is positively correlated with HYPE market demand.
HYPE spot ETFs in the same period attracted increased holdings from large holders. In May, some whale holders closed positions, triggering recent market volatility in HYPE and intensifying external attention on HYPE liquidity and derivatives trading activity.
Confirmed On-Chain Activity from an Arthur Hayes-Linked Wallet
On-chain data shows that after Arthur Hayes publicly predicted that the HYPE price would reach $150, a wallet linked to Hayes deposited 115,453 HYPE tokens to Bybit, worth $6.33 million. Subsequently, the wallet sold the aforementioned HYPE at an average price of $54.81 per token and bought back 85,714 HYPE at $62.69 per token. The transaction data above comes from traceable on-chain public records.
FAQ
How does Grayscale’s valuation framework position the HYPE token?
Grayscale uses financial data from traditional exchanges as a reference benchmark, while clearly labeling the HYPE token’s independent legal and economic attributes. The comparison framework cited in the report is “broadly comparable to traditional stocks in relevant industries,” but it points out that the legal status of token holders differs from that of stock shareholders.
Where does the $1.16 billion for Hyperliquid’s HYPE repurchases come from?
The Hyperliquid protocol repurchases HYPE tokens from the market through an automated buyback mechanism. The repurchase funds come from the platform’s trading fee revenue. Grayscale’s report views this as a mechanism design that directly links platform usage with HYPE token demand.
What is the latest confirmed holding status of the Arthur Hayes-linked wallet?
According to on-chain records, after the related wallet sold 115,453 HYPE at an average price of $54.81 per token, it bought back 85,714 HYPE at $62.69 per token. After that, any changes in holdings need to be continuously tracked and confirmed with on-chain data. Maelstrom Fund has not issued an official statement regarding the above actions.
