Tulip King
Head of Strategy at CounterpartyTV, Crypto Investor
Hyperliquid's buybacks return value to HYPE holders as its trading business grows. Its 2025 token buybacks totaled $817.79 million, more than Robinhood's $653 million in stock repurchases. Traditional finance moving onchain could bring hundreds of trillions in digital assets and quadrillions in derivatives volume; even at today's price, HYPE still has 100x potential. x.com x.com
Hyperliquid creates value through uninterrupted price discovery because markets provide signal even when traditional exchanges are closed. On a trading-hours comparison alone, it would be at least 417% more valuable than ICE or 46% more than CME, suggesting $685-$2,070 per HYPE. CME even shelved plans for 24/7 trading; this is a simple bull-case yardstick. x.com
Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com x.com x.com x.com x.com … Show more
ICE's proposed Hyperliquid-based US perpetuals market could lift HYPE by driving more trading volume, fees and token buybacks. Per Cointelegraph, NYSE parent ICE plans the market; it still needs CFTC approval. x.com
ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. x.com x.com
All HYPE bears have been liquidated while sidelined bulls remain, leaving Hyperliquid's token headed higher. Everyone called it the most crowded trade. An attached chart pairs the move with trade[XYZ]'s announcement that it and ICE are bringing 24/7 perpetual futures on Hyperliquid to the US. x.com
Hyperliquid is taking share as infrastructure underpinning financial markets, supporting a long view on HYPE. Stan Druckenmiller said trade(xyz) is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US; that is welcome progress. x.com
Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com
Hyperliquid's credibility and distribution can compound because every credible institution or investor that steps in makes it easier for the next. Per trade[XYZ], it and ICE plan a U.S. market built on Hyperliquid, subject to CFTC approval. Traditional finance generated exceptional social proof in a single day for a platform with a working product, product-market fit and real revenue. This could be a defining moment, though it might also be euphoria. x.com x.com
ICE and trade[XYZ]'s planned 24/7 US perps venue could widen Hyperliquid's buyer pool. It needs CFTC approval; ICE is investing in trade[XYZ], and Druckenmiller is also joining. Per the FT, his spokesperson confirmed his post was authentic. Druckenmiller and Elon green-lighting HYPE signals TradFi allocators. Crypto natives remain underallocated due to short time horizons; HYPE is the first investable altcoin in history not reliant on belief in a monetary premium. x.com x.com x.com x.com
HYPE is selling off because its big buyer has run out of money. The ETF has used up its entire at-the-market offering and is no longer buying, which explains the price action. x.com x.com
Regulated US trading of HYPE perpetual futures would widen access to the token. WatcherGuru reports that the NYSE owner plans to bring these contracts to regulated US markets; that is a big win and bullish for Hyperliquid, perps and the wider industry. x.com
