Citrini, the research firm that caused AI stocks meltdown lays out Hyperliquid as new 'compelling' idea
Citrini Research, known for warning about an AI bubble in February, now calls Hyperliquid and its token HYPE a “compelling” crypto idea. The firm argues HYPE stands out because it produces real cash flow and has a buyback mechanism, unlike most crypto assets. Hyperliquid is a blockchain-based exchange for perpetual futures trading, including crypto, commodities, and private stocks. It has become the dominant player in decentralized perpetuals, with about $1.06 billion in annualized fees and roughly $220 billion in 30-day trading volume. More than 90% of fees go into an Assistance Fund that buys HYPE on the open market, and cumulative buybacks have topped $2 billion since January 2025. The thesis depends on continued trading activity, but the model is viewed as more grounded than speculation-driven token valuations. Broader interest in perpetual futures is also rising as U.S. regulators loosen restrictions and major exchanges race to offer products.
