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Hyperliquid may be entering a new phase of demand reflexivity.
> ETF inflows outpacing Assistance Fund buying
> futures still buyer-led
> no major overheating signals yet
Historically, $HYPE’s structural support mostly came from internal flows: fees to Assistance Fund to buybacks.
The ETF changes that equation.
Now there’s a second source of spot demand that exists outside the protocol itself.
If sustained, the market starts pricing $HYPE not just as a trading venue token, but as an externally accumulated asset.