Amid the intense volatility in the crypto market, HYPE (Hyperliquid)’s recent performance has undoubtedly put a lot of pressure on many investors—I even saw paper losses in my own trading account during this round of swings. However, this short-term unrealized loss hasn’t shaken my unwavering belief in HYPE’s long-term value. Instead, it makes me even more convinced of the necessity to keep holding and be a “long-term friend” in the market.

I have long been bullish on HYPE’s core fundamentals, which stem from its nearly perfect “value capture” mechanism and deflationary economic model. Hyperliquid directs as much as 97%+ of protocol trading fees directly toward repurchasing and burning HYPE in the open market. This means that as long as the platform’s trading activity remains active, it is an untiring “buyback machine,” steadily providing real buy-side support for the token and reducing circulating supply.

In addition, Hyperliquid is breaking down the moat of traditional finance. Through the HIP-3 protocol, it has successfully brought real-world assets (RWA) such as crude oil and precious metals onto the blockchain for trading, and it has also attracted a significant net inflow of institutional capital into the spot ETF market. This cross-cycle business narrative and strong institutional consensus are unmatched by other purely conceptual, hype-driven tokens.

The losses at present are more like the pain caused by macro-level power struggles and leverage liquidation. In today’s crypto market, as it shifts from being driven by sentiment back toward fundamentals, I choose to ignore short-term K-line fluctuations. I will continue to be steadfastly bullish, hold HYPE for the long term, and wait for its intrinsic value to truly revert under the operation of the buyback engine

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