Foreign media reports that Arthur Hayes' renewed purchase of HYPE has reignited market attention on Hyperliquid. However, this commentary argues that HYPE's recent rebound is not merely a short-term sentiment driven by celebrity trading; the protocol's on-chain data and revenue performance are the more significant supporting factors.
Hayes returns to the buyer's side
According to Lookonchain, Hayes recently bought 33,978 HYPE tokens, worth approximately $2.09 million at the time. Just the week before, he had sold nearly $18 million worth of HYPE. Following that sale, HYPE fell nearly 20% from its high of around $75.
The article mentions that this buyback occurred after HYPE fell to around $60. This level was also a key support zone for HYPE before its previous breakout in late May. The token had previously rebounded by about 25% from this area and reached new highs within a few days, so the timing of Hayes' repurchase was closely watched by the market.
Focus shifts to agreement fundamentals
However, commentators believe that HYPE's future performance cannot be judged solely by a single transaction, given its status as a network token. CoinGecko data shows that HYPE's market capitalization has surpassed $15 billion, making it one of the few DeFi tokens to enter the top ten in terms of market capitalization. This indicates that Hyperliquid's market positioning is shifting from a niche project to a larger-scale mainstream crypto asset.
More importantly, Hyperliquid's on-chain metrics continue to strengthen. The article mentions that the protocol's total value locked, transaction fee revenue, and on-chain activity are all increasing, indicating that the funds flowing into the ecosystem are not just limited to token trading, but are continuing to be used on the platform.
Transaction fee performance is considered a support point.
The article also points out that the market is concerned that Hayes may take profits again, leading to a new round of selling pressure. However, compared to previous rounds of price increases, Hyperliquid's current revenue base is stronger.
According to the data cited in the article, even in a market environment where risk appetite is declining, Hyperliquid maintains high transaction fee output, with its transaction fee volume reaching 2.4 times that of Solana, BNB Chain, Ethereum, and Bitcoin combined. This is seen as a signal that trading activity on the platform remains active despite external market fluctuations.
Overall, the core argument of this commentary is that while Arthur Hayes's buyback did increase HYPE's market attention, the deeper reason driving the token's recovery lies in the continued growth in usage and revenue performance of the Hyperliquid platform.
