Hyperliquid has emerged as one of the biggest players in the crypto market this year, accounting for nearly half of all token buybacks across the industry, according to a new report from Citrini Research.
The report highlights Hyperliquid’s unique revenue model, which directs more than 90% of the platform’s fee income into its Assistance Fund. This fund regularly uses the revenue to buy HYPE tokens from the open market, creating consistent demand for the token.
According to Citrini Research, the size of these buybacks is what truly sets Hyperliquid apart from most crypto projects. The firm estimates that Hyperliquid alone has been responsible for almost half of all token repurchases recorded in the crypto sector during 2025.
The report also argues that HYPE stands out because it is supported by real revenue generation rather than speculation alone. As trading activity on the platform grows, more revenue flows into the Assistance Fund, increasing the amount available for future token buybacks.
Investor interest in Hyperliquid has continued to grow alongside the token’s strong performance. HYPE recently reached a new all-time high near $75 and has outperformed many other major cryptocurrencies over recent months.
Another boost came after Coinbase became the official USDC treasury deployer for Hyperliquid. Through a new treasury management framework, Coinbase will help manage the platform’s USDC reserves and generate additional yield from those assets.
Coinbase estimates that the arrangement could add as much as $200 million in annual revenue to the Hyperliquid ecosystem. Since nearly all protocol revenue is used to repurchase HYPE tokens, any increase in earnings could lead to even larger buybacks in the future.
Market attention has also increased following reports that BitMEX co-founder Arthur Hayes may once again be building a position in HYPE after previously reducing his holdings during a market correction.
Institutional interest is growing as well. Recently launched Hyperliquid exchange-traded funds (ETFs) from Bitwise and 21Shares have attracted significant attention from investors. In just their first few weeks, the products generated hundreds of millions of dollars in trading volume and brought in strong investment inflows.
Although Hyperliquid has surpassed Solana in terms of individual token price, Solana’s overall market value remains much larger. Even so, Citrini Research believes Hyperliquid still has substantial room for growth, particularly in the decentralized derivatives market.
The firm concluded that Hyperliquid’s strong revenue generation, aggressive buyback program, and growing institutional interest could help it capture an even larger share of the crypto market in the years ahead.
