According to Forbes author Zennon Kapron, the recent rise of HYPE was not primarily driven by ETF expectations, but more by Hyperliquid's built-in buyback mechanism. The article states that Hyperliquid nearly allocates all trading fee revenue (over $1.16 billion in total) through the Assistance Fund to repurchase HYPE on the open market. Compared to the initial ETF inflow of tens of millions of dollars, the protocol's buyback scale can reach hundreds of millions of dollars per quarter, which may be a more core factor supporting the current price. However, this mechanism also depends on trading volume; if the market declines, fee income and buyback support may weaken simultaneously. The above is the author's opinion and does not constitute investment advice.