Citrini Research has highlighted Hyperliquid’s HYPE token as a crypto asset with a cash-flow profile that sets it apart 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, growing Assistance Fund, and emerging ETF narrative make Hyperliquid one of the more compelling crypto market-structure stories now catching Wall Street’s attention.
Hyperliquid Gains Wall Street Attention
The core of Citrini’s argument is simple: HYPE isn’t just seen as a speculative exchange token, but as an asset tied to ongoing platform economics. “This is what makes HYPE compelling — unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow,” the firm wrote. According to Citrini, that cash flow is supported by a protocol-level repurchase mechanism. The report noted that over 90% of the fees generated by Hyperliquid go into the Assistance Fund, which then systematically buys HYPE on the open market. Citrini described these repurchases as “built into the fabric of the Hyperliquid protocol.”
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Citrini also highlighted 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 exceeded $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 significant because it brings HYPE closer to a traditional capital-return model than the typical crypto token approach. A recurring 7% annualized buyback rate, if sustained, gives investors a concrete way to evaluate token supply dynamics and protocol economics. It doesn’t eliminate execution risk, but it shifts 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 an upcoming supply-side development. The report said the Hyperliquid Foundation had put 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 move would strengthen the token’s buyback narrative. Instead of seeing Assistance Fund holdings as a passive reserve, Citrini’s view 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 potential. Citrini said the “advent of Hyperliquid ETFs” has brought attention to 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’s the Wall Street angle. Hyperliquid is no longer just being discussed as a fast-growing decentralized perpetuals venue within 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 gains in derivatives trading.
At press time, HYPE traded at $62.13.
Featured image created with DALL.E, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about Citrini Research putting Hyperliquid on Wall Streets radar written in a natural tone with clear direct answers
BeginnerLevel Questions
1 What exactly is Hyperliquid
Hyperliquid is a decentralized cryptocurrency exchange built on its own blockchain It lets people trade crypto derivatives directly from their wallets without needing a middleman like Coinbase or Binance
2 Who is Citrini Research and why should I care
Citrini Research is a respected independent research firm that analyzes crypto projects When they say something is on Wall Streets radar it means big institutional investors are starting to pay attention
3 Why does Wall Street care about a decentralized exchange
Wall Street cares because Hyperliquid offers speed low fees and deep liquidityfeatures usually only found on centralized exchanges If institutions can trade with the same efficiency but on a transparent noncustodial platform its a big deal
4 Is Hyperliquid safe for beginners
Its a powerful tool but its not beginnerfriendly You need to understand crypto wallets gas fees and leverage trading If youre new to crypto start with a simple centralized exchange first
5 What does on Wall Streets radar actually mean in practice
It means institutional traders are testing the platform allocating small capital and analyzing its riskreward It doesnt mean theyre allin yet but it signals serious interest
Intermediate Advanced Questions
6 How does Hyperliquid solve the centralized vs decentralized tradeoff
Hyperliquid uses a custom Layer 1 blockchain with a highperformance order book This gives it the speed of a centralized exchange while keeping user custody and transparency
7 What specific features of Hyperliquid caught Citrinis attention
Key features include subsecond trade execution a native order book zero gas fees for trading and a unique staking mechanism that aligns incentives between traders and validators
8 What are the main risks for institutions using Hyperliquid
Main risks include smart contract bugs regulatory uncertainty and liquidity fragmentation