First, I’ll share my own thoughts, and also share them with everyone.
Recently, $HYPE shot up to over $70, and many people are asking:
It hit an all-time high; can we still buy in now?
Generally, I’m not a fan of chasing highs. But HYPE might be one of the rare exceptions in the crypto market.
Because it's not just supported by narratives; there's a real ongoing profitable business behind it.
Currently, Hyperliquid's annual fee income has reached around $1.3 billion, and often weekly earnings can even surpass Ethereum and Solana. The key point is that about 97% of the protocol's revenue will be used for automatic buybacks of HYPE.
Based on the current scale, the yearly buyback strength is roughly equivalent to 7% of market cap—about 4–5x that of ETH and BNB. The Assistance Fund’s size has also already exceeded $2 billion, with a gross margin close to 89%.
Let’s look at a few more interesting data points:
• Retail-holder addresses are decreasing, but whale addresses keep setting new highs.
In other words, small funds are selling, while large funds are buying.
• HYPE continues to have net outflows from exchanges.
There are more coins leaving exchanges than entering them.
• New wallets keep withdrawing millions of HYPE from exchanges and staking them.
And since unstaking requires waiting 7 days, it means those chips are not easy to dump in the short term.
In short:
The chips are becoming increasingly concentrated in the hands of long-term holders.
This is also HYPE’s most important bullish logic.
Of course, you can’t only look at the positives.
Until 2027, there are still about 9.9 million HYPE tokens unlocked every month.
Purely in terms of token supply, the monthly newly unlocked amount is actually larger than the current buyback volume.
So here’s the question:
Is HYPE at $70 expensive?
If we calculate based on the current revenue, it corresponds to roughly a 12–14x price-to-sales multiple.
To be honest, it’s not cheap, but it’s not wildly overvalued either.
If you treat Hyperliquid as a perpetual futures contract exchange (Perp DEX), then the current valuation is basically reasonable.
But what truly interests me is another angle.
What if in the future Hyperliquid isn’t just a Perp DEX, but truly becomes on-chain CME, Nasdaq—becoming the "House of All Finance"?
Hyperliquid has already started to roll out its plans:
✅ Stock trading
✅ Foreign exchange
✅ Commodities
✅ Prediction market
✅ Pre-IPO equity trading before SpaceX
What it wants to do is no longer a simple derivatives exchange—it’s an entire on-chain financial infrastructure.
So my view is:
If Hyperliquid ultimately achieves the vision of "House of All Finance," then HYPE might still be undervalued right now.
If in the end it only stays as a Perp DEX, then the current price is basically fair.
Here’s another signal worth keeping an eye on:
When contributor tokens are unlocked each month in the future, will they be sold, or staked?
If more and more people choose to stake rather than sell,
For HYPE, that would be a very positive signal.
Of course, none of the above is investment advice (NFA). Please do your own research (DYOR).
But at least in my view,
HYPE may be one of the DeFi projects with the clearest fundamentals, the most real cash flows, and the easiest-to-understand business model.
If you want to experience Hyperliquid too, you can register through my invitation link:
👉 https://app.hyperliquid.xyz/join/HY888
Invitation code: HY888
You can get a 4% discount on trading fees.
I’ll continue sharing my thoughts and data on the Hyperliquid "House of All Finance" valuation logic as well.🚀