Bitwise Buys Another 77,097 HYPE Worth $5.18 Million as ETF Buyback Strategy Ramps Up

Asset manager Bitwise scooped up another 77,097 HYPE worth about $5.18 million through prime broker FalconX, adding to a steady accumulation of Hyperliquid’s native token.

The fund has been gathering assets quickly as BHYP recorded a net inflow of about $15.5 million earlier this week, lifting its cumulative net inflows to roughly $107 million since its launch.

The buyback design mirrors a mechanism already built into Hyperliquid itself, given nearly 97% of the exchange’s trading fees flow into an onchain Assistance Fund that repurchases HYPE, meaning both the protocol and one of its largest ETF issuers are now programmatically buying the token. That layered demand has helped tighten available supply.

Regardless, tying a firm’s balance sheet and an ETF’s fee revenue to a single token concentrates exposure if HYPE’s price or Hyperliquid’s trading volumes decline. For now, the accumulation continues, raising the question of whether rival issuers will adopt similar buyback models to keep pace.