Analysis: Behind HYPE's historic new high, ETFs are not the main reason; the repurchase agreement mechanism is the real driving force
According to Forbes, Hyperliquid's native token HYPE reached a historic high of over $62. The market generally attributes this to the influx of institutional funds brought by the listing of the first U.S. spot ETFs, but analysts point out that the real driver of the price is the protocol's built-in continuous buyback mechanism.
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