Hype Surrounds HYPE as Buybacks and Burn Program Loom

The HYPE crypto price has been on an upward trend, and recent developments suggest it may reach $90. The Hyperliquid platform plans to launch a buyback and burn program using yield earned through the USDC stablecoin, which could contribute to demand for HYPE and lower its supply.

This move is seen as positive by investors, who believe it will help sustain the current bullish momentum. Despite being in overbought territory, the price has shown resilience and managed to push higher, securing a new all-time high at $83.73.

Wintermute, an algorithmic trading firm, has reduced its HYPE short positions from $211.5 million to $80.4 million, indicating a shift in sentiment towards more upside. Institutional inflows have also contributed to the bullish optimism, with HYPE ETFs seeing $13.2 million in inflows on Monday and Tuesday.

However, some whales are already locking in short-term profits as uncertainty elevates in overbought territory. The market is preparing for a possible pullback, although it remains limited.