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❗️$HYPE rally: buybacks are beating ETF expectations.
Forbes contributor Zenon Kapron argues that the recent HYPE move is not being driven by ETF speculation, but by the buyback mechanism.
Hyperliquid has spent more than $1.16 billion in fees buying HYPE through the Assistance Fund, which receives 97% of all platform fees.
Kapron notes that this kind of direct flow can support price more effectively than ETF inflows. But the structure depends heavily on trading volume: if market activity slows, fee revenue drops - and HYPE loses part of its support.