Hassan Maishera
TL;DR
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Citrini Research outlined reasons it finds Hyperliquid to be a “compelling” investment.
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Unlike most other crypto projects, Hyperliquid generates cash flow and has a robust token repurchase plan in place, the researchers said.
Citrini Research has described Hyperliquid as a compelling investment opportunity, highlighting the protocol’s strong cash flow generation and an aggressive token buyback mechanism that it says differentiates it from most crypto projects.
In a Substack report published Monday, the firm argued that Hyperliquid stands out in a market dominated by speculative assets.
“Legitimate Cash Flow” Sets HYPE Apart, Says Citrini
According to Citrini, Hyperliquid’s native token HYPE benefits from a revenue model that converts platform activity directly into token demand.
“Unlike the memetic majority of crypto (bitcoin included), HYPE generates legitimate cash flow,” Citrini wrote.
The firm noted that more than 90% of platform fees are routed into an Assistance Fund, which is then used to buy HYPE tokens on the open market—creating consistent buy pressure tied to protocol usage.
Citrini also highlighted the scale of Hyperliquid’s buyback activity, describing it as one of the largest in the crypto sector.
The report claims that, by some measures, Hyperliquid’s repurchase program has accounted for nearly half of all token buyback activity across the crypto market in 2025.
The firm added that this structure gives the token a fundamental demand engine that is rare in digital asset markets.
The HYPE token recently surged to an all-time high of nearly $75, gaining more than 8% in a single 24-hour period as of Monday afternoon, according to market data.
The rally has positioned HYPE as one of the strongest-performing major crypto assets in recent weeks, even as broader markets for Bitcoin and Ethereum have softened.
Hyperliquid has also gained symbolic ground against major Layer-1 networks. Last week, HYPE briefly overtook Solana in price, marking a notable milestone for the decentralized perpetuals exchange ecosystem.
However, Solana still maintains a significantly larger market capitalization at around $39 billion—more than double that of HYPE—though the gap has been narrowing as momentum builds behind Hyperliquid.
ETF Inflows Add Institutional Support
Citrini also pointed to growing institutional exposure through Hyperliquid-focused exchange-traded products.
Bitwise’s Hyperliquid ETF and the 21Shares product have reportedly attracted strong investor interest, recording nearly $600 million in combined trading volume and more than $136 million in net inflows over a three-week period, according to market data cited in the report.
Despite recent gains, Citrini argued that Hyperliquid’s growth potential remains far from exhausted.
“The Hyperliquid runway is wide,” the firm said. “We think there is still significant market share to be captured.”
The firm’s bullish stance contrasts with its earlier high-profile bearish report on the artificial intelligence sector, which previously triggered notable market reactions across tech-related assets.
