Citrini classifies HYPE as an "Attractive" investment target, stating that Hyperliquid accounts for nearly half of the 2025 crypto token buyback

June 9: Citrini Research — the organization behind the "AI Doomsday Report" — has named decentralized perpetual contract trading platform Hyperliquid and its native HYPE token a new "attractive" investment target. In its report, Citrini stated: "Unlike most narrative-driven assets in the crypto market, including Bitcoin, HYPE generates real cash flow and even includes a built-in buyback mechanism." Hyperliquid generated roughly $10.6 billion in annualized revenue, with approximately $220 billion in perpetual contract trading volume over the most recent 30 days, per the research. Over 90% of the platform’s revenue is transferred to its Assistance Fund, which is systematically deployed to purchase HYPE on open markets. Since launching in January 2025, the Assistance Fund has accumulated more than $2 billion in HYPE buys — accounting for about half of all token buyback activity across the crypto industry last year. Hyperliquid has emerged as a leading name in decentralized perpetual contract trading, and HYPE’s investment thesis is increasingly tied to the platform’s trading volume and revenue. Still, some analysts warn the buyback model is heavily dependent on sustained trading activity, leaving it vulnerable to pressure if derivative trading volumes decline. Additionally, the U.S. Commodity Futures Trading Commission (CFTC) last month established an open regulatory pathway for specific crypto perpetual contract products in the U.S., with major exchanges like Coinbase and Kraken aggressively expanding their footprint in this segment.