According to Citrini Research, more than 90% of the protocol’s trading fees are allocated to an Assistance Fund that purchases HYPE tokens on the open market. Citrini estimates that Hyperliquid’s repurchases account for nearly half of all crypto token buyback activity in 2025. The protocol has also seen growing institutional interest, with Hyperliquid ETFs recording nearly $600 million in trading volume and more than $136 million in net inflows within their first three weeks of trading. Hyperliquid’s Momentum Builds Hyperliquid is attracting a lot of attention from analysts and investors after research firm Citrini Research identified the protocol as one of the most compelling opportunities in the cryptocurrency market. The firm pointed to Hyperliquid's ability to generate cash flow while simultaneously supporting a large-scale token buyback mechanism that has helped fuel the growth of its native HYPE token. According to Citrini Research , Hyperliquid stands apart from many crypto assets because it generates real revenue from platform activity. More than 90% of the fees generated by the decentralized perpetual futures exchange are directed to its Assistance Fund. These funds are then used to purchase HYPE tokens on the open market, which creates consistent buying pressure and reduces available supply. The strategy contributed to a remarkable rise in the value of HYPE. The token recently reached an all-time high of nearly $75 and outperformed most of the cryptocurrency market. While major digital assets like Bitcoin and Ethereum have struggled in recent weeks, HYPE continued to record gains by rising more than 8% on Monday. HYPE’s price action over the past month (Source: CoinCodex) Citrini pointed out that the scale of Hyperliquid’s buyback activity is particularly impressive. The firm stated that, by some measures, Hyperliquid’s repurchases have represented nearly half of all token buyback activity across the cryptocurrency market during 2025. This level of demand helped strengthen investor confidence in the project. Another huge milestone occurred recently when HYPE surpassed Solana in token price. Although Solana still has a much larger market capitalization of approximately $38 billion, more than double that of HYPE, the achievement shed some light on the growth of the Hyperliquid ecosystem. Top 10 cryptos by market cap (Source: CoinCodex) Citrini Research also believes Hyperliquid has a lot of room for further expansion. The firm argued that the protocol still has substantial market share to capture in the decentralized derivatives sector and described its future growth runway as wide. Institutional interest may also be increasing thanks to newly launched Hyperliquid exchange-traded funds. Products offered by Bitwise and 21Shares have already recorded nearly $600 million in trading volume and attracted more than $136 million in net inflows within just three weeks.
