Interesting to see HYPE reacting well despite the tense market week. The token went up about 5% while Bitcoin dropped 0.7% to $73.99K. The crowd is really focused on token burning – Hyperliquid burned nearly $10M of HYPE in the last 7 days thanks to heavy activity in oil futures. This is generating $2.8M in fees just in the last 24 hours.

What catches attention is that no one cares about the unlocking of 316M tokens that has been coming. About 2.7% of the circulating supply, but traders are betting that the burn will make up for it. It’s like that controlled supply narrative happening with JUP too – which, by the way, fell 2.33% in 24 hours but maintains the story of delaying new emissions until 2026.

In the end, when there’s a lot of activity on the platform, the burn accelerates and the supply becomes tighter. This is creating an interesting dynamic that’s offsetting fears of dilution. The market is reacting well to this kind of supply discipline.