Citrini Research has singled out Hyperliquid’s HYPE token as a crypto asset with a cash flow profile that sets it apart from what the company calls the “memetic majority” of the market. In its June 2026 “State of the Themes” report, the research firm argued that HYPE’s fee-based repurchase structure, expanding Assistance Fund, and emerging ETF story make Hyperliquid one of the most compelling crypto market structure stories now hitting Wall Street’s radar.
Hyperliquid is attracting the attention of Wall Street
The core of Citrinis statement is simple: HYPE is not just seen as a speculative exchange token, but as an asset related to recurring platform economics. “This is what makes HYPE attractive – unlike the memetic majority of crypto (including Bitcoin), HYPE generates legitimate cash flow,” the company wrote.
According to Citrini, this cash flow is strengthened by a buyback mechanism at protocol level. According to the report, more than 90% of the fees generated by Hyperliquid are channeled to the Assistance Fund, which then systematically purchases HYPE on the open market. Citrini described these buybacks as “built into the fabric of the Hyperliquid protocol.”
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Citrini also highlighted the size of Hyperliquid’s buyback program. “The structure itself is attractive, but what is even more astonishing is the sheer size of the Fund,” the company wrote. Since the Assistance Fund launched in January 2025, cumulative purchases have exceeded $2 billion, according to the report.
The company added that, by some measures, Hyperliquid buybacks will account for nearly half of all token buyback activity in the crypto market by 2025. Measured by token market cap, Citrini said HYPE buybacks “are around 7% annually.”
That figure is important because it places HYPE closer to a traditional capital return framework than the typical crypto-token model. A recurring repurchase rate of 7% annualized, if sustained, gives investors a concrete reference point for evaluating token supply dynamics and protocol economics. It doesn’t eliminate execution risk, but it changes the conversation from pure speculation to the sustainability of Hyperliquid’s volume, fee base, and competitive position.
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Citrini also pointed to an upcoming development on the supply side. The report said that the Hyperliquid Foundation had submitted a validator vote that would officially burn $1 billion worth of HYPE tokens in the Assistance Fund. “Looking forward, all HYPE tokens in the Assistance Fund will be considered burned,” the company wrote.
That treatment would tighten the token’s buyback story. Rather than the Assistance Fund assets being viewed as a passive reserve, Citrini’s formulation suggests that investors may increasingly view them as economically removed from the circulating supply. For a market that keeps a close eye on float, unlocks and emissions, that distinction is important.
The final point of the report focused on Hyperliquid’s runway. Citrini said the “advent of Hyperliquid ETFs” has put the stock market in the spotlight, citing Bitwise’s spot HYPE ETF under the ticker BHYP US. “The Hyperliquid runway is wide,” the company wrote. “We believe there is still significant market share to be captured.”
That’s the Wall Street angle. Hyperliquid is no longer just discussed as a fast-growing, decentralized perpetuals venue within crypto-native circles. Citrini pitches it as a cash-flowing, buyback-backed market structure asset that could benefit from institutional product development and continued market share gains in derivatives trading.
At the time of writing, HYPE was trading at $62.13.
Featured image created with DALL.E, chart from TradingView.com