Hyperliquid (HYPE) received a bullish endorsement from Citrini Research, which cited the protocol's roughly US$1.06 billion in annualized fees and a buyback program that absorbs more than 90% of those revenues. Since January 2025, the buyback fund has purchased over US$2 billion worth of HYPE, representing nearly half of all crypto token buyback activity by some measures. HYPE reached an all-time high near US$75 on June 2 before a scheduled US$700 million token unlock pulled the price back to around US$62. Citrini framed the derivatives protocol as a rare crypto asset backed by genuine cash flow, distinguishing it from tokens whose prices rest mainly on narrative rather than operating revenue.
Hyperliquid Buyback Fund Purchases Over US$2 Billion in HYPE Since January 2025
Citrini Research stated that "unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow." The firm pointed to roughly US$1.06 billion in annualized fees, more than 90% of which is funneled into an on-market buyback fund. By some measures, Hyperliquid's repurchases have accounted for nearly half of all token-buyback activity across the crypto market. Fees from perpetual-futures trading are recycled into buying HYPE, linking price support to revenue rather than speculation. Citrini argued that this cash-generative profile separates the token from assets whose prices rest mainly on narrative, forming the basis for treating HYPE more like an operating business than a speculative coin.
Protocol Revenue Crosses US$1.19 Billion as Trading Volume Exceeds US$4.15 Trillion
Cumulative protocol revenue has crossed roughly US$1.19 billion, with total trading volume above US$4.15 trillion and open interest near US$3.5 billion as the venue expands into commodities, indices and institutional products. The scale of that revenue has grown sharply, according to the source.
21Shares and Bitwise ETFs Log US$600 Million in Volume Over Three Weeks
Hyperliquid exchange-traded funds from 21Shares and Bitwise have together logged close to US$600 million in trading volume and more than US$136 million in net inflows over three weeks.
FAQ
What did Citrini Research say about Hyperliquid in its analysis?
Citrini Research called Hyperliquid (HYPE) a "compelling" investment, citing about US$1.06 billion in annualized fees and a buyback program that absorbs more than 90% of those revenues. The firm stated that "unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow."
How much HYPE has the buyback fund purchased since January 2025?
Since January 2025, the buyback fund has purchased more than US$2 billion worth of HYPE, representing nearly half of all crypto token buyback activity by some measures. Fees from perpetual-futures trading are recycled into buying HYPE, linking price support to revenue rather than speculation.
What happened to HYPE's price on June 2?
HYPE reached an all-time high near US$75 on June 2 before a scheduled US$700 million token unlock pulled the price back to around US$62.
