Citrini singles out HYPE even over bitcoin (BTC) because of its “legitimate cash flow.”
Repurchases of HYPE by the support fund may increase the token’s valuation.
The analysis firm Citrini Research rates the hyperliquid cryptocurrency (HYPE) as an attractive investment. This is due—according to the aforementioned company—to the protocol’s ability to generate constant income and finance a large-scale token buyback program, which boosts its internal economy.
HYPE serves as the native cryptocurrency of the Hyperliquid network. This platform operates simultaneously as a cryptocurrency network and as a decentralized exchange, that is, a broker-free digital financial marketplace focused on trading derivatives and perpetual futures contracts.
“Unlike most cryptocurrencies and bitcoin (BTC), HYPE generates legitimate cash flow,” Citrini stated.. The firm highlights the asset because it produces real income distributed among its users, surpassing simple speculation, which is the only thing other projects in the ecosystem offer.
The commercial performance of the asset supports the interest of analysts, since the cryptocurrency reached a historical maximum on June 1 when it touched 75 dollars. Although it is currently trading down at $61, standing 17% below that record, its financial fundamentals remain optimistic, according to Citrini analysts.
«Over 90% of the fees generated by the platform are redirected to the Assistance Fund, which is then systematically used to purchase HYPE on the open market. The structure itself is attractive, but the most astonishing thing is the magnitude of the Fund,” details the company.
According to some indicators of the firm, Hyperliquid buybacks accounted for almost half of all token buyback activity in the cryptocurrency market in 2025. In addition, they think that Hyperliquid’s growth is just in its early stages: “We believe there is still a significant market share to conquer.”
Institutional funds increase volume
Citrini highlights HYPE-based exchange-traded funds (ETFs) listed in the United States. These ETFs issued last May by 21Shares, Bitwise and Grayscale record a trading volume of almost $600 million, with net receipts of 151 million since its arrival on the market on May 12.
Matt Hougan, chief investment officer at Bitwise, noted that “HYPE is one of the worst valued assets in the cryptocurrency world today.” The global financial market values Hyperliquid simply as a perpetual cryptocurrency futures platform, he says.
“However, it should be valued as a global super app that covers all assets: cryptocurrencies, stocks, commodities, forex, prediction markets, structured products and more,” Hougan argued. The manager emphasizes that “his potential universe is not the cryptocurrency market of 3 trillion dollars, but the global asset market of 600 trillion dollars.”
For its part, for the Grayscale firm, Hyperliquid “is not directly comparable to another project in cryptocurrencies or traditional finance, but rather breaks the mold.” “We believe it is offering a compelling vision for the future of finance based on cryptocurrency networks,” they complement.
Hayes sells HYPE due to geopolitical crisis
This optimistic vision clashes with the strategy of Arthur Hayes, co-founder of the BitMEX exchange, who reported on June 5 which completely liquidated its financial positions in HYPE. The reasons for its disinvestment respond directly to macroeconomic factors and international geopolitical tensions.
The catalyst for his departure is the global increase in energy prices derived from the war conflict with Iran. This energy crisis forces nations to allocate urgent resources to reconstitute their strategic fuel inventories, reducing liquidity to the digital market.
Added to this panorama is the proximity of three massive exits to the stock exchanges in the technology sector: OpenAI, Anthropic and SpaceX. The specialist projects that These launches will absorb the money available between this month and the beginning of the third quarter of the year.
Likewise, Hayes predicts that the president of the United States, Donald Trump, could adopt an “anti-AI regulatory” stance with the political purpose of strengthening Republican candidates. This strategy would seek to gain positions ahead of the mid-term legislative elections from November 3, 2026.
Under this context, the analyst calculates that the “market highs will be recorded between the current date and the month of September.” Due to this, the businessman considered it appropriate to “take profits and begin to gradually accumulate positions without the pressure of keeping positions open.”