Hyperliquid’s HYPE Token Sees Market Surge Amid Buybacks and ETF Demand
Hyperliquid’s HYPE token is drawing increased market attention as the network continues its aggressive buyback and burn strategy while ETF products see fresh inflows. As of October 2, HYPE ETFs recorded a total of $224.74K in net inflows, with Grayscale’s HYPG leading the charge at $158.09K. Simultaneously, Hyperliquid bought and burned 112.58K HYPE tokens in a 24-hour period, further reducing the token’s supply.
The latest burn brings the total amount of HYPE permanently removed from circulation to approximately 49.25 million tokens, valued at around $4.45 billion. This activity underscores how protocol-generated fees are increasingly tied to HYPE’s tokenomics and supply dynamics. Onchain Lens reported that Hyperliquid’s 24-hour fees reached $989K, with seven-day revenue hitting $9.85 million and 30-day revenue at $52.06 million.
The market’s focus on HYPE is also driven by technical improvements. According to Alpha Crypto Signal, the token’s recent rebound into a crucial horizontal resistance level is a positive sign for bulls. The expert noted that if buying pressure continues, the previous resistance could become a key support level. However, the bullish pattern remains contingent on HYPE maintaining this level as support.
Looking ahead, the future of HYPE will depend on sustained ETF demand, protocol earnings, and the token’s ability to hold its support level. Further network revenues could lead to more HYPE buybacks and burns, reinforcing token scarcity. Technically, retaining the recaptured horizontal resistance level will be crucial for the bullish structure to remain intact.