HYPE 创历史新高背后：ETF 并非主因，协议回购机制才是真正推手
深潮 TechFlow 消息，5 月 24 日，据 Forbes 报道，Hyperliquid 原生代币 HYPE 于 5 月 21 日触及逾 62 美元的历史高位。市场普遍将此归因于首批美国现货 ETF 上市带来的机构资金流入，但分析指出，真正驱动价格的是协议内置的持续回购机制。
Hyperliquid 将约 99% 的交易手续费注入"援助基金"（Assistance Fund），用于在公开市场持续买入 HYPE。自上线以来，该协议累计收入逾 11.6 亿美元，几乎全部用于回购。相比之下，ETF 首周吸引的资金仅数千万美元，规模相差一个数量级。
然而，这一机制存在明显的顺周期风险。协议数据显示，季度回购规模已从 2025 年三季度的 3.168 亿美元降至 2026 年一季度的 1.923 亿美元，两个季度内缩水约 40%。一旦加密市场进入下行周期、交易量萎缩，回购支撑力度将同步减弱，而届时恰恰是持有者最需要买盘的时刻。
分析认为，买入 HYPE 本质上是对单一交易所永续合约交易量能否持续增长的押注，而非对去中心化金融整体前景的广泛押注。
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