Citrini Research, the subscription analytics firm whose reports have previously triggered sharp moves in AI-linked equities, published an analysis Monday calling Hyperliquid a compelling investment thesis. The firm argues the decentralized exchange accounts for nearly half of all token buyback activity across the crypto market.
The report, published via Citrini's Substack on Monday, centers on the protocol's Assistance Fund: more than 90% of fees generated by Hyperliquid route directly into the fund, which uses those proceeds to repurchase HYPE tokens on the open market.
“Unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow,” Citrini wrote.
The scale sets Hyperliquid apart from most protocols, Citrini argued. The firm estimated that Hyperliquid's repurchases represented close to half of all token buybacks recorded across the digital asset industry this year. It framed the mechanism as structural rather than a promotional campaign.
Hyperliquid generated $28.6 million in fees over the trailing seven days, per DefiLlama, with an annualized run rate of roughly $1.49 billion at the current pace. The protocol has accumulated $1.34 billion in all-time fees since launch.
