BHYP already had $62.9M AUM as of May 25 and targets 70% of assets staked, so the wrapper is not dead beta; it routes public-market flows into HYPE staking and custody rails. Pair that with Hyperliquid's 99% fee-to-Assistance-Fund buyback design and the float math gets reflexive fast: ETF inflows absorb supply while perp volume funds open-market demand. The weak spot is market structure, because the same week Bitwise is selling Hyperliquid as future finance, SPACEX-USDH printed a 45% air pocket and $1.5M in liquidations on thin depth.

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