$HYPE Going long, unstoppable!

Forbes just published an article revealing the core truth behind the HYPE surge: it's not the anticipation of ETFs driving the rally, but the built-in buyback mechanism of Hyperliquid genuinely draining supply. Over $1.16 billion in trading fees are continuously poured into the buyback pool, plus 99% of on-chain revenue is used for permanent token burns, with a total burn amount exceeding 45 million tokens since launch. The protocol itself is desperately buying, and this level of deflationary flywheel effect is a solid foundation that no new narrative can replace. I directly went all-in with a $380k long position!

1. Forbes' analysis directly exposes the false narrative, bringing the core value support into the spotlight. The article clearly states that Hyperliquid almost all trading fee income is used for public market buybacks of HYPE through the Assistance Fund, with every trade fueling buying pressure. In contrast, initial ETF capital inflows were only in the tens of millions of dollars, while the protocol’s buyback scale can reach hundreds of millions of dollars per quarter, which is the strongest current support for the price. Relying not on external sentiment but solely on its own “self-sustaining + buyback” dual engine, this means HYPE’s rise is endogenous and sustainable.

2. The pace of institutional entry has already surpassed the early flow rate of ETFs. From May 22 to 23, when Bitcoin net outflows reached $105 million, HYPE still recorded nearly $11 million in single-day inflows, a clear contrarian accumulation. Additionally, on May 20, two spot ETFs had a single-day net inflow of $25.5 million, setting a new record. Presto’s research director further revealed that, adjusted for market cap, the speed of institutional capital flowing into the HYPE ETF is even faster than that of Bitcoin ETFs back in the day. This week, Grayscale submitted a revised HYPE ETF S-1 filing again, fully opening the compliance channel to Wall Street giants.

3. Top-tier VCs have already completed bottom-position building and are waiting for the main rally to take off. Since August last year, the venture capital giant a16z’s related addresses have been continuously accumulating, with a total holding of 5.93 million HYPE tokens, with an unrealized profit of over $86 million at current prices, most of which are staked and locked, meaning there’s hardly any supply available for dumping. Plus, Bitwise directly uses 10% of its management fee to buy and burn HYPE, and the USDC revenue-sharing protocol generates hundreds of millions of dollars annually for buybacks. The buying power of HYPE has already formed a tightly linked flywheel.

$380k fully locked in, waiting for the three waves of protocol buyback, institutional accumulation, and top VC locking to stack up, pushing HYPE into the next major rally!