Citrini Research has singled out Hyperliquid’s HYPE token as a crypto asset 
with a cash-flow profile that separates it from what the firm calls the 
“memetic majority” of the market. In its June 2026 “State of the Themes” 
report, the research firm argued that HYPE’s fee-driven buyback structure, 
expanding Assistance Fund and emerging ETF narrative make Hyperliquid one of 
the more compelling crypto market-structure stories now reaching Wall Street’s 
radar. Hyperliquid Gains Wall Street Attention The core of Citrini’s thesis is 
straightforward: HYPE is not being framed merely as a speculative exchange 
token, but as an asset tied to recurring platform economics. “This is what 
makes HYPE compelling — unlike the memetic majority of crypto (bitcoin 
included), HYPE generates legitimate cash flow,” the firm wrote. That cash 
flow, according to Citrini, is reinforced by a protocol-level repurchase 
mechanism. The report said more than 90% of the fees generated by Hyperliquid 
are redirected into the Assistance Fund, which then systematically buys HYPE 
in the open market. Citrini described those repurchases as “built into the 
fabric of the Hyperliquid protocol.” Related Reading: Hyperliquid Strategies 
Stays Profitable: Strategy And Bitmine Record Losses Above $10 Billion Citrini 
also emphasized the scale of Hyperliquid’s buyback program. “The structure in 
itself is attractive, but what’s more astonishing is the pure scale of the 
Fund,” the firm wrote. Since the Assistance Fund launched in January 2025, 
cumulative purchases have surpassed $2 billion, according to the report. The 
firm added that, by some measures, Hyperliquid repurchases have accounted for 
nearly half of all token-buyback activity across the crypto market in 2025. 
Measured against token market capitalization, Citrini said the HYPE buyback 
“clocks in at roughly 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 7% annualized buyback rate, if sustained, gives 
investors a concrete reference point for evaluating token supply dynamics and 
protocol economics. It does not remove execution risk, but it changes the 
conversation from pure speculation to the durability of Hyperliquid’s volume, 
fee base and competitive position. Related Reading: Grayscale Calls 
Hyperliquid A Breakout Success Story In New Research Report Citrini also 
pointed to a pending supply-side development. The report said the Hyperliquid 
Foundation had brought forward a validator vote that would officially burn $1 
billion in HYPE tokens held in the Assistance Fund. “Looking forward, all HYPE 
tokens held in the Assistance Fund will be viewed as burned,” the firm wrote. 
That treatment would sharpen the token’s buyback narrative. Instead of 
Assistance Fund holdings being seen as a passive reserve, Citrini’s framing 
suggests investors may increasingly treat them as economically removed from 
circulating supply. For a market that closely tracks float, unlocks and 
emissions, that distinction matters. The report’s final point focused on 
Hyperliquid’s runway. Citrini said the “advent of Hyperliquid ETFs” has shone 
a spotlight on the exchange, citing Bitwise’s spot HYPE ETF under the ticker 
BHYP US. “The Hyperliquid runway is wide,” the firm wrote. “We think there is 
still significant market share to be captured.” That is the Wall Street angle. 
Hyperliquid is no longer just being discussed as a fast-growing decentralized 
perpetuals venue inside crypto-native circles. Citrini is presenting it as a 
cash-flowing, buyback-supported market-structure asset that could benefit from 
institutional product development and continued share gains in derivatives 
trading. At press time, HYPE traded at $62.13. Featured image created with 
DALL.E, chart from TradingView.com

Citrini Research has singled out Hyperliquid’s HYPE token as a crypto asset with a cash-flow profile that separates it from what the firm calls the “memetic majority” of the market. In its June 2026 “State of the Themes” report, the research firm argued that HYPE’s fee-driven buyback structure, expanding Assistance Fund and emerging ETF narrative &#8230;

Citrini Research Puts Hyperliquid On Wall Street’s Crypto Radar

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Citrini Research Puts Hyperliquid On Wall Street’s Crypto Radar

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