Citrini Research calls Hyperliquid a compelling investment, citing nearly half of all crypto token buybacks and real cash flow from perps trading.

"By some measures, Hyperliquid repurchases have accounted for nearly half of all token-buyback activity across" crypto in 2025, said Citrini.

The research firm says that, unlike most crypto, Hyperliquid actually generates cash flow and has a token buyback mechanism.