$HYPE Unstoppable bullish momentum!

a16z-related address added another 114.5k HYPE yesterday, at an average price of $56.31, and has now accumulated nearly 6 million tokens from CEXs and market makers. This is widely recognized as the number one external entity in the entire network; top-tier Wall Street venture capital firms are buying aggressively at this price level regardless of cost. While others are fearful, I am greedy. I directly deployed my full position of $350k into a long!

1. Grayscale ETF’s third revision, compliance funding channels are about to be fully opened. Grayscale submitted the third S-1 amendment for the HYPE spot ETF to the SEC today, planning to list under the $GHYP code. Bloomberg analyst James Seyffart commented, “Getting closer to launch.” Yesterday, the daily net inflow of the HYPE spot ETF soared to $10.95 million, far exceeding the protocol’s own daily buyback and burn volume of about $1.4 million, indicating traditional financial capital is entering faster than on-chain buying.

2. Supported by real protocol revenue, the token’s fundamentals are extremely solid. HYPE allocates about 97% of its platform revenue to buyback and burn tokens. Over the past 512 days, it has generated $1.3 billion in total revenue, with $1.2 billion net income all going to HYPE holders. Protocol revenue drives continuous deflation, with the current burn volume accounting for 2.1% of the total supply at the start of the year. Grayscale has staked over 510k HYPE directly involved in buybacks and distributions, continuously strengthening the liquidity channels.

3. HIP-3 pre-IPO ecosystem explosion, lock-up demand continuously draining circulating supply. The open interest of the HIP-3 pre-IPO perpetual contract ecosystem has surged to $2.65 billion, accounting for over one-third of Hyperliquid’s total trading volume. Each new market deployed within the ecosystem requires staking 500k HYPE. SPCX’s first-day trading volume exceeded $114.5k within an hour, with on-chain price discovery surpassing traditional OTC quotes. Lock-up demand is relentlessly tightening the already limited circulating supply.

a16z leads the buying spree, Grayscale ETF is poised to launch, and the protocol continues to buy back and burn with real money—three forces of buying pressure are firmly pushing on HYPE. Locking in $350k in full position, waiting for the compliance funding channels to fully ignite and push HYPE to new highs!