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Post is by: cosmodrome-lab and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1uqg3zn/hype_is_trading_at_70_buyback_is_down_46_from/ The protocol publicly claims that 97–99% of trading fees flow into the Assistance Fund to buy back HYPE. The real figure is 80–84%. The gap is not an error — it is built into the architecture. HIP-3 deployers capture up to 50% of fees generated on their markets. A portion flows to HLP and operational expenses. None of this is a violation. This is simply how the system works. What matters more is the trend in absolute terms. Buyback volume has declined for three consecutive quarters: — Q4 2025 (peak): $241M — Q1 2026: $176M — Q2 2026: $122–130M That is a 46% decline from peak. Over the same period, the token price moved from $25 to $70. The buyback does not explain this. Something else does — and we will get to that. 77% of the supply has not reached the market yet Per Tokenomist data: 222 million tokens are in circulation (22.24%). 777 million remain locked (77.76%). The full emission schedule runs to November 2029. Unlocks occur on the 6th of every month. On June 6, 2026 — an unlock date — HYPE dropped 12% in a single day. That is not a coincidence. The largest single allocation is Future Emissions and Community Rewards: 389 million tokens (38.89% of total supply). This pool releases via a cliff mechanism — meaning a large tranche can hit at an unannounced moment. The exact amount that will remain locked on January 1, 2028 cannot be calculated from any publicly available data. That opacity is not accidental. The arithmetic at current prices: each monthly Core Contributor unlock of approximately 43 million tokens represents roughly $3 billion in potential supply pressure. Monthly buyback in Q2 2026 was $48–53 million. That covers less than 2% of the notional overhang. The gap is not covered by protocol mechanics. So what is holding the price? Three mechanisms operating in sync. First — managed float. A significant share of unlocked tokens does not reach the open market. They flow into staking in Hyper Foundation-affiliated nodes (which control 49.3% of staked supply) or are transferred via OTC arrangements. Only a thin layer of supply ever reaches open trading. This is not enforced by smart contract. It is a governance decision that cannot be verified on-chain in advance. Second — institutional absorption. Hyperliquid Strategies Inc. (Nasdaq: PURR) holds 20+ million HYPE. Three ETFs launched in May–June 2026: Bitwise BHYP, 21Shares THYP, Grayscale HYPG — attracting $111 million in inflows in their first weeks. These structures move supply off the crypto market. But at $65 per token, the fully diluted valuation is $63–67 billion, with only 22% of supply in circulation. The overhang math does not change. Third — narrative. While buyback was declining quarter over quarter, Arthur Hayes was publicly calling a $150 price target, the Bitwise CIO was publishing memos calling HYPE "deeply undervalued," and a16z was accumulating a $90+ million position. Institutional narrative outweighed fundamental trend. That is how price holds when mechanics weaken. Regulators are drawing their own conclusions In a single quarter: the UK Financial Conduct Authority added Hyperliquid and Hyper Foundation to its list of unauthorized firms. CME Group and ICE addressed the CFTC and members of Congress. The Monetary Authority of Singapore added the platform to its Investor Alert List. Four separate jurisdictions. One quarter. Not a coincidence. One question nobody is asking publicly Hyperliquid's founder, Jeff Yan, is a US citizen. He was born and raised in Palo Alto, California. Hyperliquid is structured as an offshore entity with American users explicitly classified as Restricted Persons. The United States is one of two countries in the world — the other is Eritrea — that taxes its citizens on worldwide income regardless of where they live or where their business is incorporated. Under the Controlled Foreign Corporation rules and the GILTI mechanism — Global Intangible Low-Taxed Income — a US citizen who controls a foreign corporation generating $900 million in annual profit potentially carries US tax obligations regardless of offshore registration. Applied to Hyperliquid Labs, that figure could reach $300 million or more per year. This is not an accusation. It is the structural mathematics of the US tax code. No public information exists confirming how, or whether, this structural contradiction has been resolved. That question remains open. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*
PURR stock market ticker has direct invest in Hype. It's up 20% tonight alone.
Hyperliquid is doing some pretty cool stuff right now. They just released perpetuals for the s&p and oil, so those can be traded 24/7 on their platform, and they just launched $PURR, a hyperliquid treasury stock on the NASDAQ. Andrew Tate also lost like 750k on leverage using HYPE lol
Been watching PURR and HFUN lately as both seem like they’ve got some potential. Also, the Near ecosystem is cooking up some interesting stuff, what do you think about it?
PURR the memecoin of hype … easy 10x
How does your kitty feel about PURR?
hell yeah dumping my entire bag to go all in on Catkinson on Cardano. an OG from 2021. ticker is $PURR. not financial advice. just cat memes.
Kitty Cat knows where the money at! $PURR