Hyperliquid (HYPE) trades near $71.82, up 4.4% in 24 hours, as bulls attempt a third breakout above the $76.70 all-time high. The token has gained roughly 250% from its January low near $20.50.
Record protocol revenue and fresh inflows from exchange-traded funds (ETFs) back the attempt. Meanwhile, monthly token unlocks and growing regulatory scrutiny keep sellers well-supplied with arguments for a lower Hyperliquid price target.
Hyperliquid crossed $1 billion in ******* ulative protocol revenue on June 30, according to DeFiLlama. The platform routes about 99% of trading fees into open-market HYPE purchases through its ******* istance Fund, according to Tokenomist data.
Therefore, the July 6 unlock of 9.92 million HYPE, worth around $645 million, met a buyback fund reportedly holding 4.6 times that amount. Buyback demand has absorbed similar tranches before.
Institutional access is also widening. Bitwise's BHYP and 21Shares' THYP were listed in mid-May as the first US spot HYPE ETFs. Combined net inflows passed $170 million by early July, and Grayscale filed its own S-1 with the SEC.
Record protocol revenue and fresh inflows from exchange-traded funds (ETFs) back the attempt. Meanwhile, monthly token unlocks and growing regulatory scrutiny keep sellers well-supplied with arguments for a lower Hyperliquid price target.
Hyperliquid crossed $1 billion in ******* ulative protocol revenue on June 30, according to DeFiLlama. The platform routes about 99% of trading fees into open-market HYPE purchases through its ******* istance Fund, according to Tokenomist data.
Therefore, the July 6 unlock of 9.92 million HYPE, worth around $645 million, met a buyback fund reportedly holding 4.6 times that amount. Buyback demand has absorbed similar tranches before.
Institutional access is also widening. Bitwise's BHYP and 21Shares' THYP were listed in mid-May as the first US spot HYPE ETFs. Combined net inflows passed $170 million by early July, and Grayscale filed its own S-1 with the SEC.
4 months ago
