Behind HYPE's all-time high, ETF is not the main reason; the protocol's buyback mechanism is the real driver

According to ChainCatcher, citing Forbes, Hyperliquid's native token HYPE has reached a historical high of over $62. The market generally attributes this to institutional capital inflows triggered by the launch of the first US spot ETF, but analysis points out that the real driver of the price is the protocol's built-in ongoing buyback mechanism.