Is the cryptocurrency market now moving based on ETFs?
$HYPE dropped 29% from its June peak of 76 to 54.
Everyone knows Hyperliquid's trading fees automatically repurchase and burn tokens.
But as trading volume declines and token prices rise,
the actual number of tokens repurchased monthly is decreasing.
Currently, about 1.4% of the total supply unlocks monthly,
and the team usually only claims a small portion.
In the past 6 months, repurchases have exceeded the amount the team actually claimed,
but the claimed amount shows an increasing trend,
while repurchases show a decreasing trend.
Looking at actual unlock volume,
monthly repurchases account for less than 10%,
but across the entire crypto market,
it remains the project with the strongest repurchase power.
Observing since the HYPE spot ETF launch,
May and June saw net inflows of $130 million and $160 million respectively,
which coincided with HYPE's highest price points.
Then in July, the ETF reversed to a net outflow of $15 million,
leading to a 29% drop.
Currently, the ETF has accumulated a net inflow of $2 million in August 👀
