Citrini Research Puts Hyperliquid On Wall Street’s Crypto Radar
Citrini Research says Hyperliquid’s HYPE token stands out because it has real cash flow and a built-in buyback model, unlike most crypto assets. More than 90% of Hyperliquid fees are routed to the Assistance Fund, which uses them to buy HYPE on the open market. Since launch in January 2025, those purchases have exceeded $2 billion, with buybacks roughly equal to a 7% annualized rate versus market cap. The firm also highlighted a proposed $1 billion burn of HYPE held by the Assistance Fund, which would further tighten supply and strengthen the token’s capital-return profile. Citrini sees additional upside from growing institutional interest, especially the emergence of HYPE ETF products such as Bitwise’s spot filing. Overall, Hyperliquid is being framed as a fee-generating, buyback-supported crypto market-structure play with room to gain more trading share.
