Behind HYPE’s All-Time High: ETFs Are Not the Main Driver—Protocol Buyback Mechanisms Are
According to Forbes, Hyperliquid’s native token HYPE hit an all-time high of over $62 on May 21. The market widely attributes this surge to institutional capital inflows following the launch of the first U.S. spot ETFs; however, analysis indicates that the true driver behind the price increase is the protocol’s built-in, ongoing buyback mechanism.
