Opinion: HYPE's repurchase scale can reach hundreds of millions of dollars per quarter, which is the main driving force for the rise in currency prices

On May 24, Forbes author ZennonKapron issued an article pointing out that HYPE's recent rise is not mainly driven by ETF expectations, but more due to Hyperliquid's built-in repurchase mechanism. According to the article, Hyperliquid uses almost all of its transaction fee income (totaling more than US$1.16 billion) to repurchase HYPE on the open market through the AssistanceFund. Compared with the initial inflow of tens of millions of dollars in funds from ETFs, the scale of negotiated repurchase can reach hundreds of millions of dollars per quarter, which may be a more core factor in current price support. However, the mechanism also relies on trading volume. If the market goes down, fee income and repurchase support may weaken simultaneously.